https://www.taxtmi.com/caselaws?id=210418 The Tribunal upheld the decision to delete the estimated profits addition in the block assessment, as it lacked search evidence. The deletion of accrued interest on debentures of M/s. Viral Filaments Ltd. was deemed appropriate for regular assessment, not block assessment. The Tribunal dismissed additions ignoring provisions of Explanation to section 158BB, as current depreciation was permissible. The deletion of additions despite section 158BB(4) was supported due to the absence of search material. The failure to confirm accrued interest addition on debentures of M/s. Precision Fasteners Ltd. led to dismissal of the appeal without costs. en-us Fri, 05 Aug 2011 00:00:00 +0530 Mon, 17 Dec 2012 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210418 The Tribunal upheld the decision to delete the estimated profits addition in the block assessment, as it lacked search evidence. The deletion of accrued interest on debentures of M/s. Viral Filaments Ltd. was deemed appropriate for regular assessment, not block assessment. The Tribunal dismissed additions ignoring provisions of Explanation to section 158BB, as current depreciation was permissible. The deletion of additions despite section 158BB(4) was supported due to the absence of search material. The failure to confirm accrued interest addition on debentures of M/s. Precision Fasteners Ltd. led to dismissal of the appeal without costs. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210418