https://www.taxtmi.com/caselaws?id=765288 The Gujarat HC declined to answer a question regarding allocation of undisclosed income from Shilpgram Scheme between the assessee and another entity at 70%-30% ratio, treating it as a factual matter and confirming the Tribunal's order sustaining 70% addition. However, the HC ruled in favor of the assessee on interest charges under Section 158BFA(1), holding that interest cannot be charged for late filing of return during the period when the assessee was denied access to seized materials necessary for compiling the return. en-us Wed, 08 Jan 2025 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765288 The Gujarat HC declined to answer a question regarding allocation of undisclosed income from Shilpgram Scheme between the assessee and another entity at 70%-30% ratio, treating it as a factual matter and confirming the Tribunal's order sustaining 70% addition. However, the HC ruled in favor of the assessee on interest charges under Section 158BFA(1), holding that interest cannot be charged for late filing of return during the period when the assessee was denied access to seized materials necessary for compiling the return. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765288