https://www.taxtmi.com/caselaws?id=64326 The Tribunal allowed the appeals of the assessees, deleting the additions made by the AO concerning the estimation of sales, application of a higher GP rate, and treatment of interest income as undisclosed income. It emphasized that additions under s. 158BC must be based on material found during the search, and no adverse inference can be drawn without direct evidence. The Tribunal held that the AO could not disturb trading results for years up to AY 1995-96 under Chapter XIV-B without any material indicating undisclosed income. The Tribunal also found that the assessees were not given adequate opportunity to explain the material, although this issue was resolved in their favor. en-us Fri, 19 Sep 2003 00:00:00 +0530 Tue, 09 Jul 2024 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64326 The Tribunal allowed the appeals of the assessees, deleting the additions made by the AO concerning the estimation of sales, application of a higher GP rate, and treatment of interest income as undisclosed income. It emphasized that additions under s. 158BC must be based on material found during the search, and no adverse inference can be drawn without direct evidence. The Tribunal held that the AO could not disturb trading results for years up to AY 1995-96 under Chapter XIV-B without any material indicating undisclosed income. The Tribunal also found that the assessees were not given adequate opportunity to explain the material, although this issue was resolved in their favor. Case-Laws Income Tax Fri, 19 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64326