https://www.taxtmi.com/caselaws?id=460673 The Tribunal upheld the CIT(A)'s decision to restrict the addition to Rs.1,35,062/- for unrecorded sales, rather than the Rs.58,98,140/- initially assessed by the AO. The Tribunal agreed with the CIT(A) that the estimation should be limited to the period covered by concrete evidence, as indicated by the diary records from the survey. The Tribunal emphasized that only the profit element of unrecorded sales should be taxed, aligning with the Delhi HC's precedent, and dismissed the department's appeal, affirming the CIT(A)'s approach. en-us Thu, 23 Dec 2010 00:00:00 +0530 Mon, 10 Feb 2025 17:22:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460673 The Tribunal upheld the CIT(A)'s decision to restrict the addition to Rs.1,35,062/- for unrecorded sales, rather than the Rs.58,98,140/- initially assessed by the AO. The Tribunal agreed with the CIT(A) that the estimation should be limited to the period covered by concrete evidence, as indicated by the diary records from the survey. The Tribunal emphasized that only the profit element of unrecorded sales should be taxed, aligning with the Delhi HC's precedent, and dismissed the department's appeal, affirming the CIT(A)'s approach. Case-Laws Income Tax Thu, 23 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460673