2000 (2) TMI 61

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....ant to which loose sheets of paper came to be detected in the form of A3, A4 and A6. The Assessing Officer found that the said loose sheets indicated undisclosed sales for three months from September 3, 1996, to December 4, 1996, and on that basis he estimated undisclosed profit of Rs. 3.40 crores. Being aggrieved, the assessee preferred an appeal to the Tribunal. On facts, the Tribunal found t....

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....t in cases where material is detected after search and seizure operations are carried out, the Assessing Officer is required to determine the undisclosed income. In such cases additions are generally based on estimates. In matters of estimation some amount of latitude is required to be shown to the Assessing Officer particularly when relevant documents are not forthcoming. However, it does not mea....