https://www.taxtmi.com/caselaws?id=329174 The Tribunal ruled in favor of the assessee, holding that the addition of unexplained expenditure under Section 69C of the Income Tax Act was not justified as the Assessing Officer cannot disturb the declared profits under presumptive taxation without doubting the gross receipts. The addition of unexplained cash credits under Section 68 was upheld due to the assessee's failure to prove the genuineness of the transaction. Regarding undisclosed capital gains, the Tribunal allowed the addition partially, directing the Assessing Officer to consider a specific cost of construction while computing the capital gain. en-us Tue, 14 Jun 2016 00:00:00 +0530 Wed, 27 May 2026 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329174 The Tribunal ruled in favor of the assessee, holding that the addition of unexplained expenditure under Section 69C of the Income Tax Act was not justified as the Assessing Officer cannot disturb the declared profits under presumptive taxation without doubting the gross receipts. The addition of unexplained cash credits under Section 68 was upheld due to the assessee's failure to prove the genuineness of the transaction. Regarding undisclosed capital gains, the Tribunal allowed the addition partially, directing the Assessing Officer to consider a specific cost of construction while computing the capital gain. Case-Laws Income Tax Tue, 14 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329174