https://www.taxtmi.com/caselaws?id=292889 Section 153A does not permit disturbance of completed, unabated assessments without search-derived incriminating material, so additions unrelated to such material cannot survive. For alleged undisclosed turnover, taxation is confined to the profit element where cash deposits are treated as unaccounted sales; a higher profit rate requires factual support. Cash-credit, gift and loan additions require a reasoned examination of creditors' or donors' creditworthiness where identity and transaction genuineness are established. Bank deposits exceeding declared turnover cannot automatically constitute unexplained income if they may reflect recorded transactions, loans, advances or prior-year realisations. Company profits remain taxable in the company's hands unless income is distributed to the shareholder. en-us Fri, 14 Aug 2020 00:00:00 +0530 Mon, 11 Jan 2021 19:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292889 Section 153A does not permit disturbance of completed, unabated assessments without search-derived incriminating material, so additions unrelated to such material cannot survive. For alleged undisclosed turnover, taxation is confined to the profit element where cash deposits are treated as unaccounted sales; a higher profit rate requires factual support. Cash-credit, gift and loan additions require a reasoned examination of creditors' or donors' creditworthiness where identity and transaction genuineness are established. Bank deposits exceeding declared turnover cannot automatically constitute unexplained income if they may reflect recorded transactions, loans, advances or prior-year realisations. Company profits remain taxable in the company's hands unless income is distributed to the shareholder. Case-Laws Income Tax Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292889