https://www.taxtmi.com/caselaws?id=470967 Bogus sales receipts could not be assessed in full as unexplained cash credits where the books were rejected and identical facts had previously justified profit estimation. Applying the accepted approach for the earlier year, income was to be computed at an 8% net-profit rate on gross receipts because no factual or legal distinction supported a departure. Only the estimated net profit was assessable, and the balance of the addition was deleted. en-us Fri, 28 Mar 2025 00:00:00 +0530 Mon, 17 Aug 2026 08:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470967 Bogus sales receipts could not be assessed in full as unexplained cash credits where the books were rejected and identical facts had previously justified profit estimation. Applying the accepted approach for the earlier year, income was to be computed at an 8% net-profit rate on gross receipts because no factual or legal distinction supported a departure. Only the estimated net profit was assessable, and the balance of the addition was deleted. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470967