https://www.taxtmi.com/caselaws?id=313904 ITAT Cuttack-AT ruled in favor of the assessee on multiple grounds. The tribunal deleted additions made for alleged unproved purchases and sales, finding no evidence to prove these transactions were bogus or that sellers/buyers were fictitious. The 10% profit estimation on unproved purchases and 5% on unproved sales was rejected as unsustainable. Regarding cash creditors, one matter was restored to AO for re-adjudication after proper cross-examination opportunity. For loan creditors, additions were deleted as revenue failed to provide contrary evidence against substantial documentation including IT returns, confirmation letters, TDS deductions, and interest income declarations by creditors. en-us Tue, 28 Mar 2023 00:00:00 +0530 Tue, 07 May 2024 23:06:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313904 ITAT Cuttack-AT ruled in favor of the assessee on multiple grounds. The tribunal deleted additions made for alleged unproved purchases and sales, finding no evidence to prove these transactions were bogus or that sellers/buyers were fictitious. The 10% profit estimation on unproved purchases and 5% on unproved sales was rejected as unsustainable. Regarding cash creditors, one matter was restored to AO for re-adjudication after proper cross-examination opportunity. For loan creditors, additions were deleted as revenue failed to provide contrary evidence against substantial documentation including IT returns, confirmation letters, TDS deductions, and interest income declarations by creditors. Case-Laws Income Tax Tue, 28 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313904