https://www.taxtmi.com/caselaws?id=57815 The Tribunal partially allowed the appeal, directing the AO to allow 75% of brokerage/commission as expenses and taxing the balance as undisclosed income. The addition of Rs. 2,00,000 as estimated income from brokerage/commission business was deleted as no addition on an estimated basis could be made. The addition of Rs. 2,00,000 in respect of cash found during the search was upheld. However, the addition of Rs. 12 lacs by way of income from share transactions was restricted to the value of shares found, i.e., Rs. 1,64,600. The Tribunal also ruled that no surcharge could be levied as per the relevant Finance Acts. en-us Mon, 21 Apr 2003 00:00:00 +0530 Tue, 19 Jun 2012 16:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57815 The Tribunal partially allowed the appeal, directing the AO to allow 75% of brokerage/commission as expenses and taxing the balance as undisclosed income. The addition of Rs. 2,00,000 as estimated income from brokerage/commission business was deleted as no addition on an estimated basis could be made. The addition of Rs. 2,00,000 in respect of cash found during the search was upheld. However, the addition of Rs. 12 lacs by way of income from share transactions was restricted to the value of shares found, i.e., Rs. 1,64,600. The Tribunal also ruled that no surcharge could be levied as per the relevant Finance Acts. Case-Laws Income Tax Mon, 21 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57815