https://www.taxtmi.com/caselaws?id=56933 The ITAT upheld the CIT(A)'s decision to estimate sales and gross profit rate, resulting in additional profit. Regarding the addition under section 40A(3), the ITAT deemed the cash payments genuine and allowable as a legitimate business expense. Lastly, the ITAT directed the deletion of the addition of capital contribution under section 68, considering partner contributions as capital investments, not firm profits. The appeal was allowed based on these findings. en-us Thu, 14 Mar 1991 00:00:00 +0530 Tue, 07 Dec 2010 13:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56933 The ITAT upheld the CIT(A)'s decision to estimate sales and gross profit rate, resulting in additional profit. Regarding the addition under section 40A(3), the ITAT deemed the cash payments genuine and allowable as a legitimate business expense. Lastly, the ITAT directed the deletion of the addition of capital contribution under section 68, considering partner contributions as capital investments, not firm profits. The appeal was allowed based on these findings. Case-Laws Income Tax Thu, 14 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56933