https://www.taxtmi.com/caselaws?id=419029 The Tribunal upheld the validity of assessment proceedings under section 153A, allowing the Assessing Officer to make assessments for undisclosed income. It deleted additions under section 68 for unsecured loans due to lack of incriminating evidence. Disallowance of interest on unsecured loans was also deleted. While additions for unexplained expenditure were partially upheld, the Tribunal directed verification and telescoping benefits. Disallowance of purchases as bogus was reduced to 2% of total purchases. Addition on account of commission expenses was limited to a lump sum. Telescoping benefits were granted for unexplained expenditures and commission expenses. Additions under section 69A for unaccounted income were upheld with telescoping benefits. en-us Fri, 11 Feb 2022 00:00:00 +0530 Tue, 01 Mar 2022 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419029 The Tribunal upheld the validity of assessment proceedings under section 153A, allowing the Assessing Officer to make assessments for undisclosed income. It deleted additions under section 68 for unsecured loans due to lack of incriminating evidence. Disallowance of interest on unsecured loans was also deleted. While additions for unexplained expenditure were partially upheld, the Tribunal directed verification and telescoping benefits. Disallowance of purchases as bogus was reduced to 2% of total purchases. Addition on account of commission expenses was limited to a lump sum. Telescoping benefits were granted for unexplained expenditures and commission expenses. Additions under section 69A for unaccounted income were upheld with telescoping benefits. Case-Laws Income Tax Fri, 11 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419029