https://www.taxtmi.com/caselaws?id=423723 The Tribunal upheld the CIT(A)'s decision to restrict the addition to 30% of the gross on-money receipts, dismissing the Revenue's appeals. The Tribunal found the estimation of profit percentage at 30% just and proper, in line with judicial precedents and market practices. The rejection of the Settlement Commission application was upheld due to substantial understatement of income. The assessee's request for cross-examination was deemed unsubstantiated, leading to the affirmation of the CIT(A)'s order. en-us Fri, 10 Jun 2022 00:00:00 +0530 Mon, 13 Jun 2022 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423723 The Tribunal upheld the CIT(A)'s decision to restrict the addition to 30% of the gross on-money receipts, dismissing the Revenue's appeals. The Tribunal found the estimation of profit percentage at 30% just and proper, in line with judicial precedents and market practices. The rejection of the Settlement Commission application was upheld due to substantial understatement of income. The assessee's request for cross-examination was deemed unsubstantiated, leading to the affirmation of the CIT(A)'s order. Case-Laws Income Tax Fri, 10 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423723