https://www.taxtmi.com/caselaws?id=70782 The Tribunal concluded that the Assessing Officer was not justified in assessing the profits of Rs. 5,46,370 and Rs. 10,48,700 as undisclosed income. It found that the transactions were bona fide, notional income could not be assessed on a hypothetical basis, and assessments in the partners' cases were already accepted by the Department. As a result, the additions made by the AO were deleted, and the appeal was allowed. en-us Fri, 29 Jan 1999 00:00:00 +0530 Tue, 19 Apr 2011 12:08:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70782 The Tribunal concluded that the Assessing Officer was not justified in assessing the profits of Rs. 5,46,370 and Rs. 10,48,700 as undisclosed income. It found that the transactions were bona fide, notional income could not be assessed on a hypothetical basis, and assessments in the partners' cases were already accepted by the Department. As a result, the additions made by the AO were deleted, and the appeal was allowed. Case-Laws Income Tax Fri, 29 Jan 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70782