https://www.taxtmi.com/caselaws?id=406561 The Tribunal upheld the deletion of the disputed amount as concealed income by the AO and dismissed the Revenue's appeal. However, the Tribunal found the estimation of net profit at 11.17% to be legally flawed and directed its deletion. The AO was instructed to assess the income element if credit for the disputed amount was claimed by the assessee. The decision highlighted the necessity of substantial evidence and thorough verification in tax assessments. en-us Wed, 07 Apr 2021 00:00:00 +0530 Sat, 17 Apr 2021 11:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406561 The Tribunal upheld the deletion of the disputed amount as concealed income by the AO and dismissed the Revenue's appeal. However, the Tribunal found the estimation of net profit at 11.17% to be legally flawed and directed its deletion. The AO was instructed to assess the income element if credit for the disputed amount was claimed by the assessee. The decision highlighted the necessity of substantial evidence and thorough verification in tax assessments. Case-Laws Income Tax Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406561