https://www.taxtmi.com/caselaws?id=254859 The Tribunal set aside the assessment order due to lack of evidence found during the search to assume "undisclosed income." The Tribunal emphasized that undisclosed income should be computed based on material found during the search. The assessment was deemed arbitrary and lacking in mandatory requirements. The addition of alleged commission income was found legally untenable. The charge of interest was considered unwarranted, and the penalty imposed under section 158BFA(2) was dismissed as infructuous. The case was remanded to the AO for a fresh examination of evidence and to provide a fair opportunity to the assessee. en-us Thu, 20 Nov 2014 00:00:00 +0530 Fri, 02 Jan 2015 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254859 The Tribunal set aside the assessment order due to lack of evidence found during the search to assume "undisclosed income." The Tribunal emphasized that undisclosed income should be computed based on material found during the search. The assessment was deemed arbitrary and lacking in mandatory requirements. The addition of alleged commission income was found legally untenable. The charge of interest was considered unwarranted, and the penalty imposed under section 158BFA(2) was dismissed as infructuous. The case was remanded to the AO for a fresh examination of evidence and to provide a fair opportunity to the assessee. Case-Laws Income Tax Thu, 20 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254859