https://www.taxtmi.com/caselaws?id=262591 The Tribunal held that assessments based on estimation were impermissible beyond the material found during the search and the statement made by the assessee. The Tribunal emphasized the need to correlate statements with seized records before making assessments. The Tribunal found the assessments on estimation impermissible beyond the material found during the search and the statement made by the assessee. The Tribunal emphasized the need for a conscious effort to consider the effect of statements and make appropriate assessments by correlating them with the material seized. The Tribunal upheld the Commissioner's assessment, finding it correct, and dismissed the Revenue's appeal, returning the questions in favor of the assessee. en-us Thu, 05 Feb 2015 00:00:00 +0530 Thu, 13 Aug 2015 23:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262591 The Tribunal held that assessments based on estimation were impermissible beyond the material found during the search and the statement made by the assessee. The Tribunal emphasized the need to correlate statements with seized records before making assessments. The Tribunal found the assessments on estimation impermissible beyond the material found during the search and the statement made by the assessee. The Tribunal emphasized the need for a conscious effort to consider the effect of statements and make appropriate assessments by correlating them with the material seized. The Tribunal upheld the Commissioner's assessment, finding it correct, and dismissed the Revenue's appeal, returning the questions in favor of the assessee. Case-Laws Income Tax Thu, 05 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262591