https://www.taxtmi.com/caselaws?id=67628 The tribunal granted partial relief to the appellants by significantly reducing the total undisclosed income. It rejected the AO's estimation method as a "wild guess" and instead based the assessment on assets and expenditures. Various undisclosed assets and expenditures were re-evaluated, resulting in deletions, reductions, and confirmations of specific amounts. The tribunal also revised the valuation method for the stock of marble, leading to a lower undisclosed investment value. Overall, the tribunal's decision favored the appellants by adopting a more rational approach in determining the undisclosed income. en-us Wed, 23 Dec 1998 00:00:00 +0530 Sat, 02 Apr 2016 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67628 The tribunal granted partial relief to the appellants by significantly reducing the total undisclosed income. It rejected the AO's estimation method as a "wild guess" and instead based the assessment on assets and expenditures. Various undisclosed assets and expenditures were re-evaluated, resulting in deletions, reductions, and confirmations of specific amounts. The tribunal also revised the valuation method for the stock of marble, leading to a lower undisclosed investment value. Overall, the tribunal's decision favored the appellants by adopting a more rational approach in determining the undisclosed income. Case-Laws Income Tax Wed, 23 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67628