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2015 (6) TMI 1039 - HC - Income TaxEstimation of unaccounted turnover - determination of undisclosed income of the Assessee - Held that:- In case of estimation, there is an element of guess work involved and as long as the same is made following the settled principles, the determination of undisclosed income of the assessee on a reasonable basis is purely a question of fact. Direction to AO to estimate the unaccounted turnover at 35% of the accounted turnover for the assessment years 1996-97 to 2001-02 and at 54.62% for the broken terminal period forming part of the block period falling under assessment year 2002-03 and then estimate undisclosed income in relation to such unaccounted turnover adopting net profit rate of 3.91% for all the assessment years and terminal broken period falling in the block period. In the present case, in the absence of any material to take a contra view, the question of fact as determined by the Tribunal is required to be accepted. Hence, we see no reason to interfere with the orders of the Tribunal with regard to the determination of undisclosed income.
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