https://www.taxtmi.com/caselaws?id=418333 In completed search assessments under section 153A, additions for unsecured loans and related interest were deleted because the seized papers merely reflected recorded transactions and no incriminating material, corroborated retraction, or independent adverse evidence was brought by the Revenue. Alleged suppressed sales could be assessed only to the extent of profit embedded in those sales, not the entire turnover, and the net profit rate was reduced to 3.5% on the facts. Additions based on alleged cash receipts from syndicate and hawala transactions were deleted for want of corroboration, as digital messages and a retracted statement from an employee were insufficient to link the entries to the assessee. Section 115BBE was held inapplicable, so normal tax rates applied. en-us Thu, 23 Dec 2021 00:00:00 +0530 Tue, 15 Feb 2022 06:56:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418333 In completed search assessments under section 153A, additions for unsecured loans and related interest were deleted because the seized papers merely reflected recorded transactions and no incriminating material, corroborated retraction, or independent adverse evidence was brought by the Revenue. Alleged suppressed sales could be assessed only to the extent of profit embedded in those sales, not the entire turnover, and the net profit rate was reduced to 3.5% on the facts. Additions based on alleged cash receipts from syndicate and hawala transactions were deleted for want of corroboration, as digital messages and a retracted statement from an employee were insufficient to link the entries to the assessee. Section 115BBE was held inapplicable, so normal tax rates applied. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418333