https://www.taxtmi.com/caselaws?id=792357 Where seized material showed both direct purchase costs and indirect business expenses, profit from unaccounted sales was to be estimated on a net basis rather than a gross profit rate, and the Tribunal directed application of a 2% net profit rate. Cash found during search was explained by income already sustained in assessment, so telescoping was applied and the unexplained money addition was deleted. Separate additions for alleged unexplained expenditure were not sustainable once profit from undisclosed sales had already been estimated, as that would amount to double addition; the Revenue's challenge on that point failed. en-us Fri, 22 May 2026 00:00:00 +0530 Wed, 27 May 2026 07:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792357 Where seized material showed both direct purchase costs and indirect business expenses, profit from unaccounted sales was to be estimated on a net basis rather than a gross profit rate, and the Tribunal directed application of a 2% net profit rate. Cash found during search was explained by income already sustained in assessment, so telescoping was applied and the unexplained money addition was deleted. Separate additions for alleged unexplained expenditure were not sustainable once profit from undisclosed sales had already been estimated, as that would amount to double addition; the Revenue's challenge on that point failed. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792357