https://www.taxtmi.com/caselaws?id=777390 ITAT partially allowed the appeal: additions for suppressed sales and unexplained bank credits were restricted to the profit element by applying a GP ratio of 1.76%, not the full sales/turnover; additions based solely on a stock statement submitted to the bank were deleted as unreliable without independent corroboration; additions treated as bogus creditors were also deleted where confirmations, ledger extracts and land records were produced. The Tribunal held that stock statements to obtain OD limits cannot be the sole basis for tax additions and affirmed that only the estimated gross profit embedded in disputed sales/receipts is taxable. en-us Thu, 09 Jan 2025 00:00:00 +0530 Wed, 27 Aug 2025 15:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777390 ITAT partially allowed the appeal: additions for suppressed sales and unexplained bank credits were restricted to the profit element by applying a GP ratio of 1.76%, not the full sales/turnover; additions based solely on a stock statement submitted to the bank were deleted as unreliable without independent corroboration; additions treated as bogus creditors were also deleted where confirmations, ledger extracts and land records were produced. The Tribunal held that stock statements to obtain OD limits cannot be the sole basis for tax additions and affirmed that only the estimated gross profit embedded in disputed sales/receipts is taxable. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777390