https://www.taxtmi.com/caselaws?id=258489 Search material and the partner's admission of unrecorded purchases and sales in the fireworks business were treated as showing a continuing pattern of undisclosed transactions, so the section 153A proceedings for the years under appeal were considered valid despite the absence of year-specific incriminating material. The estimate of turnover was accepted in principle, but the gross profit rate applied by the lower authorities was found excessive. The text states that a lower year-wise gross profit benchmark, guided by surrounding years and business facts, should be used for recomputation of the trading additions. en-us Thu, 19 Feb 2015 00:00:00 +0530 Sat, 11 Apr 2015 01:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258489 Search material and the partner's admission of unrecorded purchases and sales in the fireworks business were treated as showing a continuing pattern of undisclosed transactions, so the section 153A proceedings for the years under appeal were considered valid despite the absence of year-specific incriminating material. The estimate of turnover was accepted in principle, but the gross profit rate applied by the lower authorities was found excessive. The text states that a lower year-wise gross profit benchmark, guided by surrounding years and business facts, should be used for recomputation of the trading additions. Case-Laws Income Tax Thu, 19 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258489