https://www.taxtmi.com/caselaws?id=413109 The Tribunal upheld the validity of reopening assessments for the years 2010-11 and 2011-12 based on a person's un-retracted statement regarding unaccounted sales related to the company's operations. The addition for suppressed turnover was limited to the gross profit margin on suppressed sales, with the Tribunal affirming the CIT(A)'s decision. The Tribunal ordered a fresh examination regarding sundry creditors and confirmed the disallowance of prior period expenditure. The Tribunal partially allowed the assessee's appeals and dismissed the revenue's appeals, emphasizing the importance of providing comprehensive details during assessments for fair tax determinations. en-us Tue, 28 Sep 2021 00:00:00 +0530 Tue, 05 Oct 2021 08:41:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413109 The Tribunal upheld the validity of reopening assessments for the years 2010-11 and 2011-12 based on a person's un-retracted statement regarding unaccounted sales related to the company's operations. The addition for suppressed turnover was limited to the gross profit margin on suppressed sales, with the Tribunal affirming the CIT(A)'s decision. The Tribunal ordered a fresh examination regarding sundry creditors and confirmed the disallowance of prior period expenditure. The Tribunal partially allowed the assessee's appeals and dismissed the revenue's appeals, emphasizing the importance of providing comprehensive details during assessments for fair tax determinations. Case-Laws Income Tax Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413109