https://www.taxtmi.com/caselaws?id=360021 The Tribunal dismissed the appeal in I.T.A. No.2489/Chny/2016 but allowed the appeal in I.T.A. No.2569/Chny/2017. It emphasized the importance of proper assessment and consideration of all relevant factors in determining taxable income. The Assessing Officer's failure to properly assess income generated by the assessee from the business carried on as per the books of account led to a justified revision under Section 263 of the Income-tax Act, 1961. The Tribunal concluded that the unaccounted income admitted during the search operation should not be considered part of book profit for tax purposes, setting aside the Assessing Officer's estimation of profit. en-us Thu, 03 May 2018 00:00:00 +0530 Tue, 08 May 2018 08:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360021 The Tribunal dismissed the appeal in I.T.A. No.2489/Chny/2016 but allowed the appeal in I.T.A. No.2569/Chny/2017. It emphasized the importance of proper assessment and consideration of all relevant factors in determining taxable income. The Assessing Officer's failure to properly assess income generated by the assessee from the business carried on as per the books of account led to a justified revision under Section 263 of the Income-tax Act, 1961. The Tribunal concluded that the unaccounted income admitted during the search operation should not be considered part of book profit for tax purposes, setting aside the Assessing Officer's estimation of profit. Case-Laws Income Tax Thu, 03 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360021