https://www.taxtmi.com/caselaws?id=185775 The Tribunal partly allowed the assessee's appeal, directing the AO to determine undisclosed income based on net assets and not on estimated sales or gross profit. The Tribunal emphasized the need for assessments to be based on concrete evidence found during the search and not on presumptions or estimates. en-us Fri, 23 Nov 2007 00:00:00 +0530 Sat, 27 Aug 2016 11:56:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185775 The Tribunal partly allowed the assessee's appeal, directing the AO to determine undisclosed income based on net assets and not on estimated sales or gross profit. The Tribunal emphasized the need for assessments to be based on concrete evidence found during the search and not on presumptions or estimates. Case-Laws Income Tax Fri, 23 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185775