https://www.taxtmi.com/caselaws?id=301599 The Tribunal allowed the assessee's appeal, directing the AO to estimate the income at 3% of the cost of goods sold instead of 5%. Additionally, the Tribunal held that the entire addition of Rs. 2,16,000 as unexplained investment should be deleted, considering the partner's business history and the evidence provided. The decision highlighted the importance of factual considerations in determining income estimation and the treatment of unexplained investments, ultimately ruling in favor of the assessee on all grounds raised in the appeal. en-us Wed, 24 Oct 2018 00:00:00 +0530 Tue, 12 Apr 2022 09:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301599 The Tribunal allowed the assessee's appeal, directing the AO to estimate the income at 3% of the cost of goods sold instead of 5%. Additionally, the Tribunal held that the entire addition of Rs. 2,16,000 as unexplained investment should be deleted, considering the partner's business history and the evidence provided. The decision highlighted the importance of factual considerations in determining income estimation and the treatment of unexplained investments, ultimately ruling in favor of the assessee on all grounds raised in the appeal. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301599