https://www.taxtmi.com/caselaws?id=466749 Where purchases were not proved and several suppliers denied transactions, the assessee failed to discharge the onus of proof and the AO rejected books and estimated income by applying a net profit rate to declared sales; however, the AO's acceptance of declared sales led the Tribunal to exercise corrective jurisdiction and reduce the applied net profit rate as excessive on the facts, directing a lower net profit rate to be applied on the accepted turnover, thereby partly allowing the appeal and giving relief to the assessee. en-us Tue, 25 Feb 2025 00:00:00 +0530 Wed, 18 Feb 2026 20:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466749 Where purchases were not proved and several suppliers denied transactions, the assessee failed to discharge the onus of proof and the AO rejected books and estimated income by applying a net profit rate to declared sales; however, the AO's acceptance of declared sales led the Tribunal to exercise corrective jurisdiction and reduce the applied net profit rate as excessive on the facts, directing a lower net profit rate to be applied on the accepted turnover, thereby partly allowing the appeal and giving relief to the assessee. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466749