https://www.taxtmi.com/caselaws?id=370911 Undisclosed income revealed on search may be determined by reference to an appropriate profit rate of receipts rather than by treating full recovered receipts as income; applying that principle the Tribunal's adoption of 15% of receipts as undisclosed income is upheld in favour of the assessee. Penalty under Section 158BFA is a civil liability contingent on returns filed under the special search-return regime, and may be imposed only on the portion of undisclosed income finally determined to exceed the income shown in the return; penalty issue is remanded for recomputation and imposition only on the excess. en-us Mon, 29 Oct 2018 00:00:00 +0530 Tue, 06 May 2025 16:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370911 Undisclosed income revealed on search may be determined by reference to an appropriate profit rate of receipts rather than by treating full recovered receipts as income; applying that principle the Tribunal's adoption of 15% of receipts as undisclosed income is upheld in favour of the assessee. Penalty under Section 158BFA is a civil liability contingent on returns filed under the special search-return regime, and may be imposed only on the portion of undisclosed income finally determined to exceed the income shown in the return; penalty issue is remanded for recomputation and imposition only on the excess. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370911