https://www.taxtmi.com/caselaws?id=395134 The appeal was partly allowed for statistical purposes. The tribunal dismissed objections related to the assessment basis due to a joint search warrant, deletion of interest charged under section 158 BFA (1), and erroneous excessive additions made. However, the tribunal allowed the cancellation of the levy of surcharge as it was deemed prospective and could not be applied in this case. The tribunal remitted the issue of computing cash available based on income reported under section 44AE back to the Assessing Officer for a reasoned decision. Additionally, the tribunal remanded the matter of assessing business advances as undisclosed income for a fresh decision, while upholding the block assessment legality. en-us Thu, 30 Apr 2020 00:00:00 +0530 Wed, 06 May 2020 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395134 The appeal was partly allowed for statistical purposes. The tribunal dismissed objections related to the assessment basis due to a joint search warrant, deletion of interest charged under section 158 BFA (1), and erroneous excessive additions made. However, the tribunal allowed the cancellation of the levy of surcharge as it was deemed prospective and could not be applied in this case. The tribunal remitted the issue of computing cash available based on income reported under section 44AE back to the Assessing Officer for a reasoned decision. Additionally, the tribunal remanded the matter of assessing business advances as undisclosed income for a fresh decision, while upholding the block assessment legality. Case-Laws Income Tax Thu, 30 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395134