https://www.taxtmi.com/caselaws?id=243975 The Tribunal partly allowed the appeals for A.Y. 2006-07 and 2007-08. For A.Y. 2006-07, the income was directed to be estimated at 8% of the gross receipts, with the exclusion of seigniorage charges. For A.Y. 2007-08, issues concerning unexplained investment and unsecured loans were sent back to the AO for reevaluation with the newly admitted evidence. The Tribunal stressed the importance of providing adequate explanations and evidence for credits or investments to prevent additions under Sections 68 and 69 of the Income Tax Act. en-us Wed, 12 Feb 2014 00:00:00 +0530 Fri, 14 Feb 2014 07:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243975 The Tribunal partly allowed the appeals for A.Y. 2006-07 and 2007-08. For A.Y. 2006-07, the income was directed to be estimated at 8% of the gross receipts, with the exclusion of seigniorage charges. For A.Y. 2007-08, issues concerning unexplained investment and unsecured loans were sent back to the AO for reevaluation with the newly admitted evidence. The Tribunal stressed the importance of providing adequate explanations and evidence for credits or investments to prevent additions under Sections 68 and 69 of the Income Tax Act. Case-Laws Income Tax Wed, 12 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243975