https://www.taxtmi.com/caselaws?id=56015 The ITAT partially allowed the Revenue's appeal, modifying the addition of Rs. 27,39,410 for cash purchases from unaccounted sources in the iron and steel business. The CIT(A) deleted most of the addition, allowing deductions under s. 69C, and sustained only Rs. 50,000 based on a fair estimation of profit. The CIT(A) emphasized correct interpretation of s. 69C, ensuring deductions for incurred expenses, and highlighted the unrealistic GP calculation by the AO. The decision acknowledged the need for fair assessment despite unproven purchases from specific parties. en-us Thu, 17 Jun 2004 00:00:00 +0530 Fri, 14 Jun 2024 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56015 The ITAT partially allowed the Revenue's appeal, modifying the addition of Rs. 27,39,410 for cash purchases from unaccounted sources in the iron and steel business. The CIT(A) deleted most of the addition, allowing deductions under s. 69C, and sustained only Rs. 50,000 based on a fair estimation of profit. The CIT(A) emphasized correct interpretation of s. 69C, ensuring deductions for incurred expenses, and highlighted the unrealistic GP calculation by the AO. The decision acknowledged the need for fair assessment despite unproven purchases from specific parties. Case-Laws Income Tax Thu, 17 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56015