https://www.taxtmi.com/caselaws?id=364588 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case involving estimation of undisclosed interest income, adjustment of seized cash against tax liabilities, cash deposits in employees' bank accounts, disallowance of expenses, sale of jewelry by mother-in-law, and undisclosed investment excess over income. The ITAT found that the Assessing Officer's additions were based on ad hoc estimations without tangible material, leading to deletions of the additions. Additionally, the ITAT directed the AO to recompute interest after adjusting seized cash and dismissed the revenue's appeal regarding undisclosed investment excess for a specific assessment year. en-us Mon, 30 Jul 2018 00:00:00 +0530 Wed, 01 Aug 2018 06:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364588 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in a case involving estimation of undisclosed interest income, adjustment of seized cash against tax liabilities, cash deposits in employees' bank accounts, disallowance of expenses, sale of jewelry by mother-in-law, and undisclosed investment excess over income. The ITAT found that the Assessing Officer's additions were based on ad hoc estimations without tangible material, leading to deletions of the additions. Additionally, the ITAT directed the AO to recompute interest after adjusting seized cash and dismissed the revenue's appeal regarding undisclosed investment excess for a specific assessment year. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364588