https://www.taxtmi.com/caselaws?id=55794 The ITAT upheld the addition of Rs. 24 lakhs based on the partner's disclosure during a search, rejecting the retraction. The Rs. 6,15,800 addition in the partner's hands was deleted, and the deletion of the Rs. 7,22,770 GP addition was upheld. The Rs. 3,37,700 addition was deemed unnecessary due to the Rs. 24 lakhs inclusion. Disallowances of telephone and vehicle expenses were rejected. Interest under section 234 was to be recalculated. The GP rate of 24% for the assessment year 1992-93 was upheld due to lack of stock records and evidence of unrecorded sales. en-us Tue, 19 Apr 2005 00:00:00 +0530 Thu, 09 May 2024 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55794 The ITAT upheld the addition of Rs. 24 lakhs based on the partner's disclosure during a search, rejecting the retraction. The Rs. 6,15,800 addition in the partner's hands was deleted, and the deletion of the Rs. 7,22,770 GP addition was upheld. The Rs. 3,37,700 addition was deemed unnecessary due to the Rs. 24 lakhs inclusion. Disallowances of telephone and vehicle expenses were rejected. Interest under section 234 was to be recalculated. The GP rate of 24% for the assessment year 1992-93 was upheld due to lack of stock records and evidence of unrecorded sales. Case-Laws Income Tax Tue, 19 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55794