https://www.taxtmi.com/caselaws?id=306224 The Tribunal dismissed the validity of reopening under section 147/148 as not pressed. It deleted the addition of unexplained investment in land as the source of investment was explained. The addition of unexplained expenditure was also deleted due to lack of commercial activity and unaccounted income. Telescoping was applied to offset unexplained expenses against disclosed income. Unexplained credits were deleted if the assessee provided sufficient evidence. Agricultural income was partially treated as income from other sources. Disallowance under section 40(a)(ia) was not pressed, and depreciation disallowance was allowed. Protective assessments were rejected to avoid double taxation. en-us Thu, 13 Jan 2022 00:00:00 +0530 Tue, 17 Jan 2023 20:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306224 The Tribunal dismissed the validity of reopening under section 147/148 as not pressed. It deleted the addition of unexplained investment in land as the source of investment was explained. The addition of unexplained expenditure was also deleted due to lack of commercial activity and unaccounted income. Telescoping was applied to offset unexplained expenses against disclosed income. Unexplained credits were deleted if the assessee provided sufficient evidence. Agricultural income was partially treated as income from other sources. Disallowance under section 40(a)(ia) was not pressed, and depreciation disallowance was allowed. Protective assessments were rejected to avoid double taxation. Case-Laws Income Tax Thu, 13 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306224