https://www.taxtmi.com/caselaws?id=350435 The tribunal upheld the validity of the notice issued under section 153C of the Income Tax Act, finding it applicable to the assessee's partnership firm. However, it set aside the orders due to the incorrect invocation of section 153C without referencing seized material. The tribunal also validated the estimation of income based on loose sheets found during a survey, directing the assessing officer to calculate profits accordingly. Regarding depreciation, interest on partners' capital, and remuneration, deductions were allowed as per partnership deed provisions. The unexplained cash credit in the Pushkara capital account was upheld, emphasizing the requirement for tangible evidence to justify the source. The tribunal granted partial relief for the assessment year 2008-09, with specific adjustments mandated. en-us Thu, 29 Jun 2017 00:00:00 +0530 Mon, 06 Nov 2017 08:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350435 The tribunal upheld the validity of the notice issued under section 153C of the Income Tax Act, finding it applicable to the assessee's partnership firm. However, it set aside the orders due to the incorrect invocation of section 153C without referencing seized material. The tribunal also validated the estimation of income based on loose sheets found during a survey, directing the assessing officer to calculate profits accordingly. Regarding depreciation, interest on partners' capital, and remuneration, deductions were allowed as per partnership deed provisions. The unexplained cash credit in the Pushkara capital account was upheld, emphasizing the requirement for tangible evidence to justify the source. The tribunal granted partial relief for the assessment year 2008-09, with specific adjustments mandated. Case-Laws Income Tax Thu, 29 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350435