https://www.taxtmi.com/caselaws?id=207269 The Tribunal upheld the declared income of Rs. 10,00,000 as undisclosed income for a private limited company engaged in saree processing. Despite the assessing officer's estimation based on seized material, the Tribunal emphasized the need for evidence found during the search to determine undisclosed income. The distinction between computation and estimation under Section 158BB was crucial, with the Tribunal's decision supported by factors such as the entrepreneur's age, business experience, and absence of undisclosed income in the previous assessment year. The High Court affirmed the Tribunal's decision, rejecting the revenue's appeal for a longer estimation period. en-us Mon, 19 Sep 2011 00:00:00 +0530 Mon, 05 Dec 2011 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207269 The Tribunal upheld the declared income of Rs. 10,00,000 as undisclosed income for a private limited company engaged in saree processing. Despite the assessing officer's estimation based on seized material, the Tribunal emphasized the need for evidence found during the search to determine undisclosed income. The distinction between computation and estimation under Section 158BB was crucial, with the Tribunal's decision supported by factors such as the entrepreneur's age, business experience, and absence of undisclosed income in the previous assessment year. The High Court affirmed the Tribunal's decision, rejecting the revenue's appeal for a longer estimation period. Case-Laws Income Tax Mon, 19 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207269