https://www.taxtmi.com/caselaws?id=71124 The Tribunal allowed the appeal, canceling the assessment order as time-barred. However, it upheld the Income-tax Officer's estimation of net profit and the levy of interest under s. 271. The Tribunal rejected the Department's argument for an extended assessment period under s. 153(1)(b) due to lack of evidence of income concealment. The assessee's challenge on the net profit estimation was dismissed as the Tribunal found the 10% rate reasonable given the lack of proper accounting records. The appeal on the interest levy under s. 271 was not pursued by the assessee. en-us Mon, 28 Feb 1977 00:00:00 +0530 Thu, 21 Apr 2011 15:01:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71124 The Tribunal allowed the appeal, canceling the assessment order as time-barred. However, it upheld the Income-tax Officer's estimation of net profit and the levy of interest under s. 271. The Tribunal rejected the Department's argument for an extended assessment period under s. 153(1)(b) due to lack of evidence of income concealment. The assessee's challenge on the net profit estimation was dismissed as the Tribunal found the 10% rate reasonable given the lack of proper accounting records. The appeal on the interest levy under s. 271 was not pursued by the assessee. Case-Laws Income Tax Mon, 28 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71124