https://www.taxtmi.com/caselaws?id=213478 The High Court affirmed the Tribunal's decision to uphold the initiation of proceedings under Sections 158-BC and 158-BD of the Income-tax Act, 1961, based on material found during a search, indicating undisclosed income received for executing various contracts. The Court dismissed the revenue's appeal regarding the treatment of undisclosed income in transactions where tax deductions at source were made, ruling that such income was not undisclosed. Additionally, the Court upheld the Tribunal's decision on the method of accounting for contract work and the assessment of income received for specific works, ultimately ruling in favor of the assessee in all aspects. en-us Mon, 28 Nov 2011 00:00:00 +0530 Wed, 23 May 2012 09:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213478 The High Court affirmed the Tribunal's decision to uphold the initiation of proceedings under Sections 158-BC and 158-BD of the Income-tax Act, 1961, based on material found during a search, indicating undisclosed income received for executing various contracts. The Court dismissed the revenue's appeal regarding the treatment of undisclosed income in transactions where tax deductions at source were made, ruling that such income was not undisclosed. Additionally, the Court upheld the Tribunal's decision on the method of accounting for contract work and the assessment of income received for specific works, ultimately ruling in favor of the assessee in all aspects. Case-Laws Income Tax Mon, 28 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213478