https://www.taxtmi.com/caselaws?id=330821 The case involved the assessment of undisclosed income due to unrecorded receipts by an assessee providing security services and running a detective agency. The Assessing Officer initially noted unrecorded receipts, leading to an addition in total income assessed. The CIT(A) partially allowed the appeal, emphasizing the need to consider all expenses to compute net income accurately. The ITAT directed a comprehensive consideration of facts in computing net income, stressing the importance of accounting for all business expenses. The final judgment determined net income based on the net profit earned by the assessee, applying a specific rate to total revenue, aligning with established legal principles. en-us Fri, 15 Jul 2016 00:00:00 +0530 Sat, 06 Aug 2016 13:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330821 The case involved the assessment of undisclosed income due to unrecorded receipts by an assessee providing security services and running a detective agency. The Assessing Officer initially noted unrecorded receipts, leading to an addition in total income assessed. The CIT(A) partially allowed the appeal, emphasizing the need to consider all expenses to compute net income accurately. The ITAT directed a comprehensive consideration of facts in computing net income, stressing the importance of accounting for all business expenses. The final judgment determined net income based on the net profit earned by the assessee, applying a specific rate to total revenue, aligning with established legal principles. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330821