https://www.taxtmi.com/caselaws?id=253833 The Tribunal upheld the validity of the proceedings under section 147, rejecting the revised returns and audit reports. However, it directed further inquiries regarding the taxability of receipts from NCCPL, stating that taxing the entire receipts as income was not justified. The Tribunal allowed the appeals of the assessee partly for statistical purposes, instructing the AO to accept the returned income if no concealed incomes were found after fresh enquiries. en-us Wed, 03 Dec 2014 00:00:00 +0530 Fri, 05 Dec 2014 12:48:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253833 The Tribunal upheld the validity of the proceedings under section 147, rejecting the revised returns and audit reports. However, it directed further inquiries regarding the taxability of receipts from NCCPL, stating that taxing the entire receipts as income was not justified. The Tribunal allowed the appeals of the assessee partly for statistical purposes, instructing the AO to accept the returned income if no concealed incomes were found after fresh enquiries. Case-Laws Income Tax Wed, 03 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253833