https://www.taxtmi.com/caselaws?id=424620 The Tribunal partly allowed the appeal filed by the assessee, directing the Assessing Officer to re-estimate the income by applying an appropriate GP/NP rate after rejecting the books of accounts. The addition under Section 68 of the Income Tax Act was set aside, and the Tribunal referred to a High Court decision supporting the view that only the profit element in unverifiable purchases should be added. The ground related to the addition on account of interest income was dismissed as not pressed. en-us Thu, 30 Jun 2022 00:00:00 +0530 Mon, 04 Jul 2022 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424620 The Tribunal partly allowed the appeal filed by the assessee, directing the Assessing Officer to re-estimate the income by applying an appropriate GP/NP rate after rejecting the books of accounts. The addition under Section 68 of the Income Tax Act was set aside, and the Tribunal referred to a High Court decision supporting the view that only the profit element in unverifiable purchases should be added. The ground related to the addition on account of interest income was dismissed as not pressed. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424620