https://www.taxtmi.com/caselaws?id=764591 The Tribunal partly allowed the appeal, providing partial relief to the assessee. It upheld the disallowance of Rs. 4,500/- in current liabilities as there was no substantial contest from the assessee. However, regarding the alleged suppression of sales, the Tribunal acknowledged the assessee's rectification of stock entries and industry-specific profit margins. It set aside the CIT(A)'s order and directed the AO to estimate the income at 5% of the disputed purchase value, thus reducing the addition for unrecorded stock entries from Rs. 8,85,326/- to a lower amount based on the adjusted percentage. en-us Fri, 10 Jan 2025 00:00:00 +0530 Tue, 14 Jan 2025 08:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764591 The Tribunal partly allowed the appeal, providing partial relief to the assessee. It upheld the disallowance of Rs. 4,500/- in current liabilities as there was no substantial contest from the assessee. However, regarding the alleged suppression of sales, the Tribunal acknowledged the assessee's rectification of stock entries and industry-specific profit margins. It set aside the CIT(A)'s order and directed the AO to estimate the income at 5% of the disputed purchase value, thus reducing the addition for unrecorded stock entries from Rs. 8,85,326/- to a lower amount based on the adjusted percentage. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764591