https://www.taxtmi.com/caselaws?id=76571 The High Court vacated the Tribunal and Commissioner's orders, directing the Revenue to accept a gross profit of 40% for all years as fixed by the Tribunal initially. The court emphasized the evidentiary value of statements recorded under section 133A(3)(iii) of the Income-tax Act, stating they hold relevance for assessments. It intervened in the assessment based on recovered materials and statements during a survey, directing the Assessing Officer to consider seized documents. The court applied the gross profit estimated by the Tribunal for all years, ensuring finality in the matter and avoiding undue hardship. en-us Wed, 25 Nov 2009 00:00:00 +0530 Wed, 07 Sep 2011 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76571 The High Court vacated the Tribunal and Commissioner's orders, directing the Revenue to accept a gross profit of 40% for all years as fixed by the Tribunal initially. The court emphasized the evidentiary value of statements recorded under section 133A(3)(iii) of the Income-tax Act, stating they hold relevance for assessments. It intervened in the assessment based on recovered materials and statements during a survey, directing the Assessing Officer to consider seized documents. The court applied the gross profit estimated by the Tribunal for all years, ensuring finality in the matter and avoiding undue hardship. Case-Laws Income Tax Wed, 25 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76571