https://www.taxtmi.com/caselaws?id=328028 The Tribunal held that the Assessing Officer lacked jurisdiction to reassess income for certain years under section 153A of the Income Tax Act without incriminating material. Net profit was estimated at 10% for trading and 12.3% for contracts. Additions for interest and miscellaneous receipts were upheld, but foreign exchange gains were excluded. Depreciation claims were denied due to lack of evidence. Adjusting seized cash before computing interest under sections 234A and 234B was required. The Tribunal partially allowed appeals by the assessee and dismissed those by the revenue. en-us Tue, 19 Apr 2016 00:00:00 +0530 Wed, 25 May 2016 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328028 The Tribunal held that the Assessing Officer lacked jurisdiction to reassess income for certain years under section 153A of the Income Tax Act without incriminating material. Net profit was estimated at 10% for trading and 12.3% for contracts. Additions for interest and miscellaneous receipts were upheld, but foreign exchange gains were excluded. Depreciation claims were denied due to lack of evidence. Adjusting seized cash before computing interest under sections 234A and 234B was required. The Tribunal partially allowed appeals by the assessee and dismissed those by the revenue. Case-Laws Income Tax Tue, 19 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328028