https://www.taxtmi.com/caselaws?id=220317 The tribunal upheld the initiation of proceedings under section 153C of the Act based on the Managing Director's confession and seized documents, dismissing the challenge due to lack of incriminating material from the search. The tribunal found no violation of natural justice as the CIT(A) addressed the documents from third parties during appellate proceedings. Assessments based on estimated suppressed income were deemed unsustainable due to errors in methodology, with the tribunal directing the use of actual Gross Profit rates. Additions under section 68 were deleted to avoid double taxation, resulting in partial allowance of the assessee's appeals and dismissal of revenue's appeals. en-us Fri, 30 Nov 2012 00:00:00 +0530 Fri, 18 Jan 2013 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220317 The tribunal upheld the initiation of proceedings under section 153C of the Act based on the Managing Director's confession and seized documents, dismissing the challenge due to lack of incriminating material from the search. The tribunal found no violation of natural justice as the CIT(A) addressed the documents from third parties during appellate proceedings. Assessments based on estimated suppressed income were deemed unsustainable due to errors in methodology, with the tribunal directing the use of actual Gross Profit rates. Additions under section 68 were deleted to avoid double taxation, resulting in partial allowance of the assessee's appeals and dismissal of revenue's appeals. Case-Laws Income Tax Fri, 30 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220317