https://www.taxtmi.com/caselaws?id=780038 ITAT (Hyderabad) partially allowed the appeal: it reduced the revenue's addition for suppressed gross sales by 5% for AY 2013-14 due to verification lapses, rejecting reliance on investigation findings alone. The tribunal disallowed using net-profit percentages of comparable companies to estimate profit on suppressed sales. Finding insufficient evidence of actual unrecorded cash expenses, the ITAT directed the AO to assess income on suppressed sales at 7.5% of those sales. Other contentions were accordingly partly allowed and partly rejected. en-us Thu, 23 Jan 2025 00:00:00 +0530 Fri, 17 Oct 2025 08:08:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780038 ITAT (Hyderabad) partially allowed the appeal: it reduced the revenue's addition for suppressed gross sales by 5% for AY 2013-14 due to verification lapses, rejecting reliance on investigation findings alone. The tribunal disallowed using net-profit percentages of comparable companies to estimate profit on suppressed sales. Finding insufficient evidence of actual unrecorded cash expenses, the ITAT directed the AO to assess income on suppressed sales at 7.5% of those sales. Other contentions were accordingly partly allowed and partly rejected. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780038