https://www.taxtmi.com/caselaws?id=310491 The Tribunal upheld the Ld. CIT(A)'s decision, determining the net undisclosed income for the block period at Rs. 2,03,24,587/- for the assessees: Gujarat Multi Gas Base Chemicals Pvt. Ltd, Manek Chemical Pvt Ltd, and Shri Ram Chemical Industries. This decision accounted for capital receipts and business expenses, reducing the undisclosed sales figure. The Revenue's appeals were dismissed, with the Tribunal agreeing that only the estimated profits from undisclosed sales, not the entire sales amount, should be considered income, aligning with judicial precedents. en-us Fri, 05 Apr 2013 00:00:00 +0530 Fri, 27 Oct 2023 14:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310491 The Tribunal upheld the Ld. CIT(A)'s decision, determining the net undisclosed income for the block period at Rs. 2,03,24,587/- for the assessees: Gujarat Multi Gas Base Chemicals Pvt. Ltd, Manek Chemical Pvt Ltd, and Shri Ram Chemical Industries. This decision accounted for capital receipts and business expenses, reducing the undisclosed sales figure. The Revenue's appeals were dismissed, with the Tribunal agreeing that only the estimated profits from undisclosed sales, not the entire sales amount, should be considered income, aligning with judicial precedents. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310491