https://www.taxtmi.com/caselaws?id=16384 The High Court upheld the Tribunal's findings, determining that the assessee benefitted significantly from customs clearance permits and that transactions with Zip Industries were not genuine. The addition of Rs. 60,000 as undisclosed income was deemed valid. The court supported the Tribunal's 50% benefit estimation for the assessee, based on substantial evidence. Both Revenue and the assessee's questions of law were decided against them, affirming the Tribunal's order entirely. Each party was granted costs of Rs. 5,000 in their references. en-us Wed, 25 Mar 1998 00:00:00 +0530 Mon, 07 Sep 2009 14:39:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16384 The High Court upheld the Tribunal's findings, determining that the assessee benefitted significantly from customs clearance permits and that transactions with Zip Industries were not genuine. The addition of Rs. 60,000 as undisclosed income was deemed valid. The court supported the Tribunal's 50% benefit estimation for the assessee, based on substantial evidence. Both Revenue and the assessee's questions of law were decided against them, affirming the Tribunal's order entirely. Each party was granted costs of Rs. 5,000 in their references. Case-Laws Income Tax Wed, 25 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16384