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ITAT ruled on multiple grounds related to assessment reopening and income determination based on seized diaries. The Tribunal upheld the assessment order with key modifications: (1) land trading profit to be computed at 13.14% instead of 15%, (2) share trading profit to be calculated at 8%, (3) Maalkhaate trading income to be estimated at 10%, and (4) allowing telescoping of income already taxed in preceding years with peak additions. The Tribunal rejected the assessee's objections regarding jurisdiction, reopening validity, and seized document interpretation while directing the Assessing Officer to recompute certain income components based on specific guidelines provided in the order.
ITAT ruled on multiple grounds related to assessment reopening and income determination based on seized diaries. The Tribunal upheld the assessment order with key modifications: (1) land trading profit to be computed at 13.14% instead of 15%, (2) share trading profit to be calculated at 8%, (3) Maalkhaate trading income to be estimated at 10%, and (4) allowing telescoping of income already taxed in preceding years with peak additions. The Tribunal rejected the assessee's objections regarding jurisdiction, reopening validity, and seized document interpretation while directing the Assessing Officer to recompute certain income components based on specific guidelines provided in the order.
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