https://www.taxtmi.com/caselaws?id=286300 The Tribunal allowed the assessee's appeals in part. It directed the Assessing Officer to assess income from undisclosed sales using the net profit rate disclosed in the regular books of account, instead of gross profit. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as income had been estimated. The Tribunal ruled to tax only the gross profit on excess stock found during a survey, following relevant judgments. The assessee's arguments, supported by case law, influenced the Tribunal's decisions, resulting in a favorable outcome for the assessee in each issue. en-us Tue, 23 Apr 2019 00:00:00 +0530 Fri, 28 Feb 2020 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286300 The Tribunal allowed the assessee's appeals in part. It directed the Assessing Officer to assess income from undisclosed sales using the net profit rate disclosed in the regular books of account, instead of gross profit. Disallowances under sections 40A(3) and 40(a)(ia) were deleted as income had been estimated. The Tribunal ruled to tax only the gross profit on excess stock found during a survey, following relevant judgments. The assessee's arguments, supported by case law, influenced the Tribunal's decisions, resulting in a favorable outcome for the assessee in each issue. Case-Laws Income Tax Tue, 23 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286300