https://www.taxtmi.com/caselaws?id=465374 Whether addition for alleged suppressed sales could be sustained solely on a survey statement was decided by holding that, absent any incriminating material evidencing suppression, a bare statement has no evidentiary value, applying SC and HC precedents; consequently, the basis for the full addition was rejected. However, since the assessee did not disclose the suppressed sales or offer corresponding excess profit in the return, the Tribunal estimated income by applying a net profit rate of 15% on the suppressed sales; the addition was accordingly restricted to Rs. 11,00,000/-. en-us Wed, 04 Sep 2024 00:00:00 +0530 Thu, 18 Dec 2025 22:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465374 Whether addition for alleged suppressed sales could be sustained solely on a survey statement was decided by holding that, absent any incriminating material evidencing suppression, a bare statement has no evidentiary value, applying SC and HC precedents; consequently, the basis for the full addition was rejected. However, since the assessee did not disclose the suppressed sales or offer corresponding excess profit in the return, the Tribunal estimated income by applying a net profit rate of 15% on the suppressed sales; the addition was accordingly restricted to Rs. 11,00,000/-. Case-Laws Income Tax Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465374