https://www.taxtmi.com/caselaws?id=283009 ITAT allowed the assessee's appeal in part. The disallowance under s.40A(3) for cash payments to a government-agent supplier was set aside, following a prior Tribunal finding that such payments were commercially expedient and exempt. The addition under s.69B for discrepant closing stock was remitted to the AO for fresh adjudication after affording the assessee opportunity to produce excise stock records. Additions for alleged bogus purchases/undisclosed investment were reduced: instead of full stock addition, AO was directed to compute tax only on presumed unaccounted sales by applying an 8% gross profit rate. Ground No.8 was partly allowed. en-us Fri, 19 Jan 2018 00:00:00 +0530 Fri, 22 Aug 2025 21:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283009 ITAT allowed the assessee's appeal in part. The disallowance under s.40A(3) for cash payments to a government-agent supplier was set aside, following a prior Tribunal finding that such payments were commercially expedient and exempt. The addition under s.69B for discrepant closing stock was remitted to the AO for fresh adjudication after affording the assessee opportunity to produce excise stock records. Additions for alleged bogus purchases/undisclosed investment were reduced: instead of full stock addition, AO was directed to compute tax only on presumed unaccounted sales by applying an 8% gross profit rate. Ground No.8 was partly allowed. Case-Laws Income Tax Fri, 19 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283009