https://www.taxtmi.com/caselaws?id=55367 The ITAT partially allowed the appeal filed by the firm regarding the addition to trading results, directing the Income Tax Officer to modify the addition in respect of gross profit. It estimated turnover at Rs. 1 lac and gross profit rate at 27.5%. The ITAT fully allowed the appeal of the partner, Gurcharan, concerning income from undisclosed sources, emphasizing the principle that the same amount cannot be taxed twice under different provisions of the Income Tax Act. The matter was remitted back for reassessment, stressing the importance of proper inquiries and adherence to taxation principles. en-us Mon, 24 Apr 1978 00:00:00 +0530 Fri, 26 Nov 2010 16:21:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55367 The ITAT partially allowed the appeal filed by the firm regarding the addition to trading results, directing the Income Tax Officer to modify the addition in respect of gross profit. It estimated turnover at Rs. 1 lac and gross profit rate at 27.5%. The ITAT fully allowed the appeal of the partner, Gurcharan, concerning income from undisclosed sources, emphasizing the principle that the same amount cannot be taxed twice under different provisions of the Income Tax Act. The matter was remitted back for reassessment, stressing the importance of proper inquiries and adherence to taxation principles. Case-Laws Income Tax Mon, 24 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55367