https://www.taxtmi.com/caselaws?id=425576 The Tribunal reduced the ad hoc addition of labor charges from 10% to 3%, acknowledging the difficulties in maintaining records in the unorganized sector. It decreased the disallowance of alleged bogus purchases from 30% to 4%, considering the profit element and practical aspects. The addition of unexplained investments was deleted based on corroborated explanations. Unexplained cash credits were upheld. The addition of outstanding current liabilities was deleted as the assessee provided sufficient evidence. The Tribunal's judgment balanced practical challenges in the unorganized sector with realistic tax liabilities, emphasizing profit elements over arbitrary additions. en-us Wed, 16 Mar 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425576 The Tribunal reduced the ad hoc addition of labor charges from 10% to 3%, acknowledging the difficulties in maintaining records in the unorganized sector. It decreased the disallowance of alleged bogus purchases from 30% to 4%, considering the profit element and practical aspects. The addition of unexplained investments was deleted based on corroborated explanations. Unexplained cash credits were upheld. The addition of outstanding current liabilities was deleted as the assessee provided sufficient evidence. The Tribunal's judgment balanced practical challenges in the unorganized sector with realistic tax liabilities, emphasizing profit elements over arbitrary additions. Case-Laws Income Tax Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425576