https://www.taxtmi.com/caselaws?id=65100 The Tribunal upheld the validity of action under section 158BD, finding that the satisfaction of the Dy. CIT was implied from correspondences and orders. Regarding additions in the block assessment, unexplained advances to certain entities were upheld, along with estimated interest on undisclosed advances. However, other additions for devaluation of stock, undisclosed lease rent, bad debts, and short-term capital loss were not justified. The Tribunal directed the AO to reevaluate these issues and provide the assessee with an opportunity to explain, partially allowing the appeal for statistical purposes. en-us Tue, 31 Aug 1999 00:00:00 +0530 Sat, 12 Feb 2011 13:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65100 The Tribunal upheld the validity of action under section 158BD, finding that the satisfaction of the Dy. CIT was implied from correspondences and orders. Regarding additions in the block assessment, unexplained advances to certain entities were upheld, along with estimated interest on undisclosed advances. However, other additions for devaluation of stock, undisclosed lease rent, bad debts, and short-term capital loss were not justified. The Tribunal directed the AO to reevaluate these issues and provide the assessee with an opportunity to explain, partially allowing the appeal for statistical purposes. Case-Laws Income Tax Tue, 31 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65100