https://www.taxtmi.com/caselaws?id=432782 The Appellate Tribunal upheld the decision of the Ld. CIT(A), dismissing the Revenue's appeal. The Tribunal agreed that the cash found during the search operation was the undisclosed income of the partnership firm, M/s MK Ceramics, and not the individual assessee. It emphasized that section 154 of the Income-tax Act could only rectify apparent mistakes, not those requiring extensive reasoning. The Tribunal found the AO's addition of the cash as the firm's undisclosed income to be valid, and thus, no separate addition to the assessee's income was warranted. en-us Wed, 11 Jan 2023 00:00:00 +0530 Wed, 27 Dec 2023 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432782 The Appellate Tribunal upheld the decision of the Ld. CIT(A), dismissing the Revenue's appeal. The Tribunal agreed that the cash found during the search operation was the undisclosed income of the partnership firm, M/s MK Ceramics, and not the individual assessee. It emphasized that section 154 of the Income-tax Act could only rectify apparent mistakes, not those requiring extensive reasoning. The Tribunal found the AO's addition of the cash as the firm's undisclosed income to be valid, and thus, no separate addition to the assessee's income was warranted. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432782