https://www.taxtmi.com/caselaws?id=297870 The High Court upheld the Tribunal's decision in a tax assessment case, affirming the application of the proviso to Section 145(1) of the Income Tax Act. The Court found the AO's estimation of sales and application of a gross profit rate based on historical data to be valid, leading to additions in the assessment. Additionally, the Court supported the AO's decision to make additions based on the amount surrendered by the Assessee during the search, emphasizing the admissibility of the statement recorded under Section 132(4) of the Act. The appeal was dismissed with costs in favor of the Revenue. en-us Mon, 26 Sep 2016 00:00:00 +0530 Mon, 27 Sep 2021 07:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297870 The High Court upheld the Tribunal's decision in a tax assessment case, affirming the application of the proviso to Section 145(1) of the Income Tax Act. The Court found the AO's estimation of sales and application of a gross profit rate based on historical data to be valid, leading to additions in the assessment. Additionally, the Court supported the AO's decision to make additions based on the amount surrendered by the Assessee during the search, emphasizing the admissibility of the statement recorded under Section 132(4) of the Act. The appeal was dismissed with costs in favor of the Revenue. Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297870