https://www.taxtmi.com/caselaws?id=66806 The Tribunal concluded that the AO's decision to tax only a percentage of unrecorded sales as undisclosed income was permissible, supported by legal precedent. It found the orders under Section 263 invalid as the AO had not erred in law or prejudiced Revenue interests. Assessment orders were deemed to have been made after proper inquiry and application of mind. The Tribunal held that the CIT's orders exceeded the show-cause notice's scope and that only the profit element in unrecorded sales should be taxed. Consequently, the Tribunal allowed all three appeals of the assessee, setting aside the CIT's orders and restoring the AO's assessment orders. en-us Thu, 31 Jul 2003 00:00:00 +0530 Mon, 07 Mar 2011 14:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66806 The Tribunal concluded that the AO's decision to tax only a percentage of unrecorded sales as undisclosed income was permissible, supported by legal precedent. It found the orders under Section 263 invalid as the AO had not erred in law or prejudiced Revenue interests. Assessment orders were deemed to have been made after proper inquiry and application of mind. The Tribunal held that the CIT's orders exceeded the show-cause notice's scope and that only the profit element in unrecorded sales should be taxed. Consequently, the Tribunal allowed all three appeals of the assessee, setting aside the CIT's orders and restoring the AO's assessment orders. Case-Laws Income Tax Thu, 31 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66806