https://www.taxtmi.com/caselaws?id=429930 The Tribunal partially allowed the appeal by modifying the net profit rate to 6% from the initial 8%, considering the assessee's past performance and business nature. Additionally, the Tribunal deleted the Rs. 5,72,590/- addition under Section 68 of the Income Tax Act, 1961, as the liability represented wages payable, not unexplained cash credits. The Tribunal stressed the importance of the Assessing Officer acting fairly and considering past history and comparable cases in making estimations or additions. en-us Mon, 26 Sep 2022 00:00:00 +0530 Mon, 07 Nov 2022 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429930 The Tribunal partially allowed the appeal by modifying the net profit rate to 6% from the initial 8%, considering the assessee's past performance and business nature. Additionally, the Tribunal deleted the Rs. 5,72,590/- addition under Section 68 of the Income Tax Act, 1961, as the liability represented wages payable, not unexplained cash credits. The Tribunal stressed the importance of the Assessing Officer acting fairly and considering past history and comparable cases in making estimations or additions. Case-Laws Income Tax Mon, 26 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429930