https://www.taxtmi.com/caselaws?id=383614 The Tribunal upheld the disallowance of agricultural income from leased land due to insufficient evidence. The addition of unexplained cash credits was sustained as the assessee failed to prove the genuineness and creditworthiness of the transactions. The Tribunal directed the assessing officer to apply a net profit rate of 5.5% for the transportation business, reducing the previously applied rate of 8%. The additional grounds challenging the legality of the assessment were not admitted due to the timing and previous opportunities to raise these issues. en-us Tue, 30 Apr 2019 00:00:00 +0530 Fri, 26 Jul 2019 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383614 The Tribunal upheld the disallowance of agricultural income from leased land due to insufficient evidence. The addition of unexplained cash credits was sustained as the assessee failed to prove the genuineness and creditworthiness of the transactions. The Tribunal directed the assessing officer to apply a net profit rate of 5.5% for the transportation business, reducing the previously applied rate of 8%. The additional grounds challenging the legality of the assessment were not admitted due to the timing and previous opportunities to raise these issues. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383614