https://www.taxtmi.com/caselaws?id=756410 The Patna HC upheld the CIT's order u/s 263 finding the assessment erroneous. The AO had estimated 6% net profit on gross receipts but failed to examine sundry creditors worth Rs. 1,51,86,178/- and verify tax deductions at source. The HC ruled that unexplained sundry credits should be added either to contract receipts before profit estimation or as income from other sources, resulting in higher tax liability. The Tribunal's order setting aside the s.263 order was annulled, favoring the Revenue. en-us Wed, 24 Jan 2024 00:00:00 +0530 Thu, 01 Aug 2024 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756410 The Patna HC upheld the CIT's order u/s 263 finding the assessment erroneous. The AO had estimated 6% net profit on gross receipts but failed to examine sundry creditors worth Rs. 1,51,86,178/- and verify tax deductions at source. The HC ruled that unexplained sundry credits should be added either to contract receipts before profit estimation or as income from other sources, resulting in higher tax liability. The Tribunal's order setting aside the s.263 order was annulled, favoring the Revenue. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756410