https://www.taxtmi.com/caselaws?id=310088 The Tribunal dismissed the revenue's appeal regarding unexplained investment in the property, citing lack of incriminating material found during the search. The assessee's challenge of the gross profit addition was also rejected, with the Tribunal upholding the application of the gross profit rate by the Assessing Officer based on historical performance metrics. The decisions underscore the importance of concrete evidence in block assessments and the validity of using past financial performance indicators in the absence of contradictory proof. en-us Mon, 03 Apr 2017 00:00:00 +0530 Fri, 06 Oct 2023 08:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310088 The Tribunal dismissed the revenue's appeal regarding unexplained investment in the property, citing lack of incriminating material found during the search. The assessee's challenge of the gross profit addition was also rejected, with the Tribunal upholding the application of the gross profit rate by the Assessing Officer based on historical performance metrics. The decisions underscore the importance of concrete evidence in block assessments and the validity of using past financial performance indicators in the absence of contradictory proof. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310088