https://www.taxtmi.com/caselaws?id=70055 The Tribunal reversed the CIT (Appeals)'s decision, upheld the levy of additional tax under section 104 for inflated expenses, and dismissed the assessee's objections. It clarified that the Settlement Commission's order did not cover the additional tax issue, affirming its jurisdiction. Emphasizing the need to consider real commercial profits, including concealed income, the Tribunal applied the Supreme Court precedent and rejected the Calcutta High Court decisions cited by the assessee. The Tribunal's ruling highlighted the significance of accurate profit determination in justifying tax imposition and addressing dividend non-declaration. en-us Tue, 30 Dec 1997 00:00:00 +0530 Thu, 14 Apr 2011 10:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70055 The Tribunal reversed the CIT (Appeals)'s decision, upheld the levy of additional tax under section 104 for inflated expenses, and dismissed the assessee's objections. It clarified that the Settlement Commission's order did not cover the additional tax issue, affirming its jurisdiction. Emphasizing the need to consider real commercial profits, including concealed income, the Tribunal applied the Supreme Court precedent and rejected the Calcutta High Court decisions cited by the assessee. The Tribunal's ruling highlighted the significance of accurate profit determination in justifying tax imposition and addressing dividend non-declaration. Case-Laws Income Tax Tue, 30 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70055