https://www.taxtmi.com/caselaws?id=302713 The Tribunal upheld the assessment order under Section 153A read with Section 143(3), dismissing the assessee's challenge based on the operation of multiple benami concerns. It found the pen drive seized during the search admissible, as its contents matched handwritten estimation sheets linking to unaccounted commission income. The Tribunal adjusted the estimation rates for various income sources and directed the AO to recalculate income. Validity of reassessment proceedings under Section 147 was affirmed, except for AY 2007-08. The addition for unexplained jewellery was deleted after reconciliation. The Tribunal's decision favored the assessee on multiple grounds, leading to a mixed outcome. en-us Fri, 06 Aug 2021 00:00:00 +0530 Mon, 13 Jun 2022 20:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302713 The Tribunal upheld the assessment order under Section 153A read with Section 143(3), dismissing the assessee's challenge based on the operation of multiple benami concerns. It found the pen drive seized during the search admissible, as its contents matched handwritten estimation sheets linking to unaccounted commission income. The Tribunal adjusted the estimation rates for various income sources and directed the AO to recalculate income. Validity of reassessment proceedings under Section 147 was affirmed, except for AY 2007-08. The addition for unexplained jewellery was deleted after reconciliation. The Tribunal's decision favored the assessee on multiple grounds, leading to a mixed outcome. Case-Laws Income Tax Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302713