https://www.taxtmi.com/caselaws?id=63127 The Tribunal allowed the Revenue's appeals in part, rejecting the assessee's cross objections and appeals. It upheld the Income Tax Officer's findings on the invalidity of the declaration transferring property to the HUF and the substantive assessment of income in the individual assessee's hands. Additionally, the Tribunal supported the Appellate Assistant Commissioner's application of Section 145 in estimating sales and gross profit, dismissing both Revenue's and assessee's appeals on this matter. The non-allowance of interest on certain loans was upheld, affirming the profit determination from the furniture business. en-us Tue, 29 Jan 1985 00:00:00 +0530 Thu, 27 Jan 2011 18:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63127 The Tribunal allowed the Revenue's appeals in part, rejecting the assessee's cross objections and appeals. It upheld the Income Tax Officer's findings on the invalidity of the declaration transferring property to the HUF and the substantive assessment of income in the individual assessee's hands. Additionally, the Tribunal supported the Appellate Assistant Commissioner's application of Section 145 in estimating sales and gross profit, dismissing both Revenue's and assessee's appeals on this matter. The non-allowance of interest on certain loans was upheld, affirming the profit determination from the furniture business. Case-Laws Income Tax Tue, 29 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63127