https://www.taxtmi.com/caselaws?id=456055 ITAT Raipur ruled in favor of the assessee on two issues. First, the tribunal upheld CIT(Appeals) decision to delete peak addition for bogus purchases, finding no justification since payments were made from disclosed bank accounts rather than unaccounted money. Peak addition concept applies only when purchases are made from undisclosed sources. Second, the tribunal confirmed deletion of addition for alleged short yield of rice, noting the AO incorrectly calculated yield at 61.30% instead of actual 68.25% (including broken rice), which exceeded government norms of 67-68%. en-us Mon, 17 Oct 2022 00:00:00 +0530 Mon, 24 Jun 2024 20:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456055 ITAT Raipur ruled in favor of the assessee on two issues. First, the tribunal upheld CIT(Appeals) decision to delete peak addition for bogus purchases, finding no justification since payments were made from disclosed bank accounts rather than unaccounted money. Peak addition concept applies only when purchases are made from undisclosed sources. Second, the tribunal confirmed deletion of addition for alleged short yield of rice, noting the AO incorrectly calculated yield at 61.30% instead of actual 68.25% (including broken rice), which exceeded government norms of 67-68%. Case-Laws Income Tax Mon, 17 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456055