https://www.taxtmi.com/caselaws?id=283632 The Tribunal dismissed the challenge to the validity of reassessment proceedings under Section 147 of the Income Tax Act as not pressed. It directed the deletion of additions made on account of alleged undervaluation of sales and clandestine removal of goods, noting that these additions were solely based on a show-cause notice and were quashed by the Hon'ble CESTAT. The Tribunal upheld the rejection of books of account but directed deletion of the additions. The issues of interest levy and penalty proceedings were not separately analyzed, being consequential to the determination of total income. en-us Thu, 30 Nov 2017 00:00:00 +0530 Fri, 04 Oct 2019 09:36:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283632 The Tribunal dismissed the challenge to the validity of reassessment proceedings under Section 147 of the Income Tax Act as not pressed. It directed the deletion of additions made on account of alleged undervaluation of sales and clandestine removal of goods, noting that these additions were solely based on a show-cause notice and were quashed by the Hon'ble CESTAT. The Tribunal upheld the rejection of books of account but directed deletion of the additions. The issues of interest levy and penalty proceedings were not separately analyzed, being consequential to the determination of total income. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283632