https://www.taxtmi.com/caselaws?id=311382 The Tribunal partially allowed the assessee's appeal concerning the reduction of the Gross Profit rate. It directed an ad hoc addition of Rs. 4,00,000 to the GP disclosed by the assessee, rejecting both the AO's and CIT(A)'s estimated GP rates. Regarding the unexplained sale of jewelry, the Tribunal upheld the addition of Rs. 9,00,000 under section 68, as the assessee failed to provide sufficient evidence to substantiate the transaction. Consequently, the Revenue's appeal was dismissed, and the assessee's appeal was allowed in part. en-us Fri, 23 Apr 2010 00:00:00 +0530 Fri, 22 Dec 2023 18:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311382 The Tribunal partially allowed the assessee's appeal concerning the reduction of the Gross Profit rate. It directed an ad hoc addition of Rs. 4,00,000 to the GP disclosed by the assessee, rejecting both the AO's and CIT(A)'s estimated GP rates. Regarding the unexplained sale of jewelry, the Tribunal upheld the addition of Rs. 9,00,000 under section 68, as the assessee failed to provide sufficient evidence to substantiate the transaction. Consequently, the Revenue's appeal was dismissed, and the assessee's appeal was allowed in part. Case-Laws Income Tax Fri, 23 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311382