https://www.taxtmi.com/caselaws?id=63310 The Tribunal partially allowed the appeal, directing the Assessing Officer to reduce the addition to Rs. 30,000 under Section 2(22)(e) of the IT Act, 1961, and to delete the addition of Rs. 5,47,886 under Section 68. The Tribunal held that undisclosed income assessed under Section 158BC cannot be considered accumulated profits for the purpose of Section 2(22)(e) and that accumulated profits must be determined at the time of payment of advances. en-us Tue, 08 Nov 2005 00:00:00 +0530 Wed, 04 Jul 2012 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63310 The Tribunal partially allowed the appeal, directing the Assessing Officer to reduce the addition to Rs. 30,000 under Section 2(22)(e) of the IT Act, 1961, and to delete the addition of Rs. 5,47,886 under Section 68. The Tribunal held that undisclosed income assessed under Section 158BC cannot be considered accumulated profits for the purpose of Section 2(22)(e) and that accumulated profits must be determined at the time of payment of advances. Case-Laws Income Tax Tue, 08 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63310