https://www.taxtmi.com/caselaws?id=30155 HC dismissed the revenue appeal, holding that the CIT(A) and Tribunal were justified in refusing further additions for unexplained cash introductions and payments for purchases outside the books once the net profit rate was applied to contract receipts to estimate income from contract work. Although sections 68 and 69B were engaged, the court found on the facts that applying the net profit rate adequately accounted for undisclosed income, so no separate additions were warranted. en-us Mon, 24 Jul 2006 00:00:00 +0530 Thu, 18 Sep 2025 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30155 HC dismissed the revenue appeal, holding that the CIT(A) and Tribunal were justified in refusing further additions for unexplained cash introductions and payments for purchases outside the books once the net profit rate was applied to contract receipts to estimate income from contract work. Although sections 68 and 69B were engaged, the court found on the facts that applying the net profit rate adequately accounted for undisclosed income, so no separate additions were warranted. Case-Laws Income Tax Mon, 24 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30155