https://www.taxtmi.com/caselaws?id=456074 ITAT Cochin upheld AO's addition for suppression of sales and turnover estimation following search and seizure operations. The jewellery firm practiced issuing estimate slips instead of proper sale bills, resulting in 84.39% of business remaining outside books. Based on evidence from assessment year 2008-09 showing systematic suppression pattern, AO correctly estimated income for previous years 2005-06 to 2007-08 under Section 153A. The tribunal rejected assessee's books of accounts and confirmed the estimation methodology, applying the principle that undisclosed income computation should be based on search evidence. Revenue's appeal was allowed. en-us Tue, 05 Feb 2019 00:00:00 +0530 Tue, 02 Jul 2024 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456074 ITAT Cochin upheld AO's addition for suppression of sales and turnover estimation following search and seizure operations. The jewellery firm practiced issuing estimate slips instead of proper sale bills, resulting in 84.39% of business remaining outside books. Based on evidence from assessment year 2008-09 showing systematic suppression pattern, AO correctly estimated income for previous years 2005-06 to 2007-08 under Section 153A. The tribunal rejected assessee's books of accounts and confirmed the estimation methodology, applying the principle that undisclosed income computation should be based on search evidence. Revenue's appeal was allowed. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456074