https://www.taxtmi.com/caselaws?id=14830 The court upheld the Tribunal's decision in a case involving a search and seizure action under the Income-tax Act, 1961. The Assessing Officer's estimation of undisclosed profit based on loose sheets of paper was found to be notional and arbitrary. The Tribunal determined that the addition of Rs. 3.40 crores was unjustified due to lack of evidence supporting turnover during the block period. Emphasizing the need for reasonable grounds in estimations, the court dismissed the appeal, affirming the Tribunal's factual findings as no substantial legal question arose. en-us Mon, 14 Feb 2000 00:00:00 +0530 Thu, 23 Jul 2009 15:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14830 The court upheld the Tribunal's decision in a case involving a search and seizure action under the Income-tax Act, 1961. The Assessing Officer's estimation of undisclosed profit based on loose sheets of paper was found to be notional and arbitrary. The Tribunal determined that the addition of Rs. 3.40 crores was unjustified due to lack of evidence supporting turnover during the block period. Emphasizing the need for reasonable grounds in estimations, the court dismissed the appeal, affirming the Tribunal's factual findings as no substantial legal question arose. Case-Laws Income Tax Mon, 14 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14830