https://www.taxtmi.com/caselaws?id=440772 The High Court upheld the initiation of reassessment proceedings for A.Y. 2010-11 based on unaccounted purchases and sales. The Tribunal affirmed the addition of unrecorded sales but reduced the amount taxed to only the profit element. No addition was made for working capital used for unrecorded manufacturing. The addition for cash deposits in employees' bank accounts was deleted. The non-addition under Section 40A(3) was upheld due to lack of evidence. For A.Y. 2011-12, similar outcomes were reached, with the Tribunal reducing additions and dismissing the Revenue's appeals. The Tribunal's decisions were pronounced on 20th July 2023. en-us Thu, 20 Jul 2023 00:00:00 +0530 Tue, 25 Jul 2023 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440772 The High Court upheld the initiation of reassessment proceedings for A.Y. 2010-11 based on unaccounted purchases and sales. The Tribunal affirmed the addition of unrecorded sales but reduced the amount taxed to only the profit element. No addition was made for working capital used for unrecorded manufacturing. The addition for cash deposits in employees' bank accounts was deleted. The non-addition under Section 40A(3) was upheld due to lack of evidence. For A.Y. 2011-12, similar outcomes were reached, with the Tribunal reducing additions and dismissing the Revenue's appeals. The Tribunal's decisions were pronounced on 20th July 2023. Case-Laws Income Tax Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440772