https://www.taxtmi.com/caselaws?id=400420 The Tribunal dismissed the ground challenging the validity of the assessment order due to non-service of notice under section 143(2) as the notice was issued within the limitation period and the assessee participated in the proceedings without raising objections. The Tribunal found the 10% Net Profit rate applied by the Assessing Officer arbitrary and unjustified, leading to no trading addition being warranted. The addition of unexplained capital introduced by partners was remanded back for fresh adjudication to consider the substantive addition's outcome. The issue of penal interest under sections 234-B and 234-D was not specifically addressed. The appeal was partly allowed for statistical purposes. en-us Wed, 04 Nov 2020 00:00:00 +0530 Fri, 06 Nov 2020 10:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400420 The Tribunal dismissed the ground challenging the validity of the assessment order due to non-service of notice under section 143(2) as the notice was issued within the limitation period and the assessee participated in the proceedings without raising objections. The Tribunal found the 10% Net Profit rate applied by the Assessing Officer arbitrary and unjustified, leading to no trading addition being warranted. The addition of unexplained capital introduced by partners was remanded back for fresh adjudication to consider the substantive addition's outcome. The issue of penal interest under sections 234-B and 234-D was not specifically addressed. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 04 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400420