https://www.taxtmi.com/caselaws?id=68221 1. The Tribunal upheld the validity of the assessment under section 148, rejecting the assessee's claim of it being time-barred.2. The Tribunal accepted the CIT(A)'s estimation of profit in trading machinery items, reducing the turnover and applying a lower net profit rate.3. The Tribunal deleted the addition made by the AO in respect of investment in purchases for machinery items, following its earlier decision.4. The Tribunal directed the AO to apply a lower net profit rate in the business of precious and semi-precious stones.5. The Tribunal deleted the addition for unexplained investment in purchase of precious and semi-precious stones.6. The Tribunal restored some issues for fresh adjudication and reduced certain additions made by the AO in relation to M/s Shree Engineering.7. The Tribunal deleted the addition for alleged violation of section 40A(3) regarding cash payments.8. The Tribunal modified the addition made for low household withdrawal, providing partial relief to the assessee.9. The Tribunal upheld the addition for unexplained investment in share capital.10. The Tribunal deleted the addition for unexplained loan to Smt. Prameshwari Devi after verifying supporting documentation.11. The Tribunal referred back the issue of estimated interest from debtors to the AO for further determination.12. The Tribunal rejected the assessee's claim for telescoping benefit based on the theory of "investment and expenditure." en-us Fri, 27 Dec 2002 00:00:00 +0530 Mon, 28 Mar 2011 13:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68221 1. The Tribunal upheld the validity of the assessment under section 148, rejecting the assessee's claim of it being time-barred.2. The Tribunal accepted the CIT(A)'s estimation of profit in trading machinery items, reducing the turnover and applying a lower net profit rate.3. The Tribunal deleted the addition made by the AO in respect of investment in purchases for machinery items, following its earlier decision.4. The Tribunal directed the AO to apply a lower net profit rate in the business of precious and semi-precious stones.5. The Tribunal deleted the addition for unexplained investment in purchase of precious and semi-precious stones.6. The Tribunal restored some issues for fresh adjudication and reduced certain additions made by the AO in relation to M/s Shree Engineering.7. The Tribunal deleted the addition for alleged violation of section 40A(3) regarding cash payments.8. The Tribunal modified the addition made for low household withdrawal, providing partial relief to the assessee.9. The Tribunal upheld the addition for unexplained investment in share capital.10. The Tribunal deleted the addition for unexplained loan to Smt. Prameshwari Devi after verifying supporting documentation.11. The Tribunal referred back the issue of estimated interest from debtors to the AO for further determination.12. The Tribunal rejected the assessee's claim for telescoping benefit based on the theory of "investment and expenditure." Case-Laws Income Tax Fri, 27 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68221