https://www.taxtmi.com/caselaws?id=766025 The ITAT Jaipur ruled on additions under section 69C for unexplained purchases and unaccounted sales. For unexplained purchases in non-edible oil business, the tribunal held that profit should be estimated at 8% based on past gross profit rates and industry standards, considering the assessee's historical performance. Regarding unaccounted sales addition, the tribunal deleted it as the AO failed to provide the statement copy to the assessee, denied cross-examination opportunity violating natural justice principles, and made duplicate additions for the same transactions already covered under unexplained purchases and short stock. en-us Fri, 17 Jan 2025 00:00:00 +0530 Sat, 15 Feb 2025 08:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766025 The ITAT Jaipur ruled on additions under section 69C for unexplained purchases and unaccounted sales. For unexplained purchases in non-edible oil business, the tribunal held that profit should be estimated at 8% based on past gross profit rates and industry standards, considering the assessee's historical performance. Regarding unaccounted sales addition, the tribunal deleted it as the AO failed to provide the statement copy to the assessee, denied cross-examination opportunity violating natural justice principles, and made duplicate additions for the same transactions already covered under unexplained purchases and short stock. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766025