https://www.taxtmi.com/caselaws?id=287445 The Kerala High Court dismissed the assessment appeal filed by the appellant against the Tribunal's order regarding the estimation of net profit for the year 1992-93. The appellant, a Managing Partner of two firms, did not file a return, leading to a search under the I.T. Act. The assessing officer estimated net profit at Rs. 75,000, later reduced to Rs. 50,000 by the Tribunal. The appellant's argument of time-barred income escaping assessment under section 147 was not raised before the Tribunal, leading the High Court to dismiss the appeal for lack of substantial legal questions. The appellant was granted the option to approach the Tribunal if there are grounds to argue for a time-barred assessment. en-us Wed, 11 Nov 2009 00:00:00 +0530 Wed, 15 Apr 2020 10:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287445 The Kerala High Court dismissed the assessment appeal filed by the appellant against the Tribunal's order regarding the estimation of net profit for the year 1992-93. The appellant, a Managing Partner of two firms, did not file a return, leading to a search under the I.T. Act. The assessing officer estimated net profit at Rs. 75,000, later reduced to Rs. 50,000 by the Tribunal. The appellant's argument of time-barred income escaping assessment under section 147 was not raised before the Tribunal, leading the High Court to dismiss the appeal for lack of substantial legal questions. The appellant was granted the option to approach the Tribunal if there are grounds to argue for a time-barred assessment. Case-Laws Income Tax Wed, 11 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287445