https://www.taxtmi.com/caselaws?id=402800 In completed assessments where no incriminating material was found in search, additions under section 153A were held unsustainable for concluded years. For the remaining years, profit from the assessee's arecanut business was restricted to 2% of unaccounted turnover because 4% was found excessive on the facts. The addition for cash deposits treated as unexplained income was deleted, as a mere excess over declared turnover, without a specific defect in the books or entries, was held insufficient to justify the entire addition. Relief was granted accordingly on the jurisdictional, profit-estimation, and cash-deposit issues. en-us Fri, 16 Oct 2020 00:00:00 +0530 Tue, 12 Jan 2021 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402800 In completed assessments where no incriminating material was found in search, additions under section 153A were held unsustainable for concluded years. For the remaining years, profit from the assessee's arecanut business was restricted to 2% of unaccounted turnover because 4% was found excessive on the facts. The addition for cash deposits treated as unexplained income was deleted, as a mere excess over declared turnover, without a specific defect in the books or entries, was held insufficient to justify the entire addition. Relief was granted accordingly on the jurisdictional, profit-estimation, and cash-deposit issues. Case-Laws Income Tax Fri, 16 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402800