https://www.taxtmi.com/caselaws?id=405672 The Tribunal partially allowed the assessee's appeals and dismissed the Revenue's appeal. It directed the Assessing Officer to delete additions related to under-valuation of property, adopt a 2% net profit rate on undisclosed turnover, exclude voluntary disclosures for set-off calculations, consider only 2% of cash deposits as undisclosed income, and recalculate interest under specified sections. Additionally, the Tribunal upheld the deletion of rental income addition due to unoccupied property and foreign education expenses without a remand report. The Tribunal's decision aligned with legal precedents and statutory provisions, providing clear guidance for the Assessing Officer's actions. en-us Mon, 22 Mar 2021 00:00:00 +0530 Thu, 25 Mar 2021 09:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405672 The Tribunal partially allowed the assessee's appeals and dismissed the Revenue's appeal. It directed the Assessing Officer to delete additions related to under-valuation of property, adopt a 2% net profit rate on undisclosed turnover, exclude voluntary disclosures for set-off calculations, consider only 2% of cash deposits as undisclosed income, and recalculate interest under specified sections. Additionally, the Tribunal upheld the deletion of rental income addition due to unoccupied property and foreign education expenses without a remand report. The Tribunal's decision aligned with legal precedents and statutory provisions, providing clear guidance for the Assessing Officer's actions. Case-Laws Income Tax Mon, 22 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405672