https://www.taxtmi.com/caselaws?id=387642 The Tribunal upheld the legality of the reassessment proceedings under sections 147 and 148 of the Income-tax Act, 1961, dismissing the assessee's contentions. The Tribunal also confirmed the validity of the assessment order under sections 144/145 due to discrepancies in the assessee's books of account. Additionally, the Tribunal approved the additions of Rs. 4,22,636 for undisclosed turnover but reduced the addition of Rs. 35,20,693 under the head of incentive and sales commission. Ultimately, the Tribunal recalculated the Gross Profit, resulting in relief for the assessee and a significant reduction in the total addition to their income. en-us Fri, 27 Sep 2019 00:00:00 +0530 Sat, 26 Oct 2019 11:29:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387642 The Tribunal upheld the legality of the reassessment proceedings under sections 147 and 148 of the Income-tax Act, 1961, dismissing the assessee's contentions. The Tribunal also confirmed the validity of the assessment order under sections 144/145 due to discrepancies in the assessee's books of account. Additionally, the Tribunal approved the additions of Rs. 4,22,636 for undisclosed turnover but reduced the addition of Rs. 35,20,693 under the head of incentive and sales commission. Ultimately, the Tribunal recalculated the Gross Profit, resulting in relief for the assessee and a significant reduction in the total addition to their income. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387642