https://www.taxtmi.com/caselaws?id=273409 The tribunal partly allowed the appeals, directing the Assessing Officer to reassess certain aspects. The tribunal emphasized the independence of each assessment year, requiring concrete evidence for estimation of unaccounted sales and additions. It highlighted the need to consider net profit over gross profit from unaccounted sales and to examine unaccounted expenses for deductions. The tribunal also addressed the disclosure of additional income by the assessee and instructed on the levy of interest under relevant sections, directing the AO to recompute interest accordingly. en-us Fri, 18 Mar 2011 00:00:00 +0530 Sat, 23 Jun 2018 13:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273409 The tribunal partly allowed the appeals, directing the Assessing Officer to reassess certain aspects. The tribunal emphasized the independence of each assessment year, requiring concrete evidence for estimation of unaccounted sales and additions. It highlighted the need to consider net profit over gross profit from unaccounted sales and to examine unaccounted expenses for deductions. The tribunal also addressed the disclosure of additional income by the assessee and instructed on the levy of interest under relevant sections, directing the AO to recompute interest accordingly. Case-Laws Income Tax Fri, 18 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273409