https://www.taxtmi.com/caselaws?id=183157 The High Court upheld the Tribunal's decision in a case involving undisclosed income determination for the block period 1996-97 to 2001-02 and 01.04.2001 to 13.02.2002. The Tribunal estimated unaccounted turnover based on principles from relevant case laws, using a net profit rate over gross profit rate. The High Court affirmed the Tribunal's decision, emphasizing that the estimation of undisclosed income involves some guesswork but must be grounded in established principles and supported by facts. As there was no evidence of incorrect estimation, the Court dismissed the appeal, with no costs awarded. en-us Tue, 16 Jun 2015 00:00:00 +0530 Tue, 31 May 2016 11:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183157 The High Court upheld the Tribunal's decision in a case involving undisclosed income determination for the block period 1996-97 to 2001-02 and 01.04.2001 to 13.02.2002. The Tribunal estimated unaccounted turnover based on principles from relevant case laws, using a net profit rate over gross profit rate. The High Court affirmed the Tribunal's decision, emphasizing that the estimation of undisclosed income involves some guesswork but must be grounded in established principles and supported by facts. As there was no evidence of incorrect estimation, the Court dismissed the appeal, with no costs awarded. Case-Laws Income Tax Tue, 16 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183157