https://www.taxtmi.com/caselaws?id=437159 The Appellate Tribunal ITAT Hyderabad addressed issues related to business income and unexplained cash credits in a case resulting from a search and seizure operation. The Assessing Officer's additions were partially upheld by the CIT(A), who directed a lower profit rate for business income but sustained the addition under section 68. The treatment of interest income as 'income from business' was also affirmed by the Tribunal, allowing the appeals for statistical purposes. The delay in filing appeals due to the imprisonment of the company director was condoned, emphasizing the need for fair adjudication considering all relevant circumstances. en-us Thu, 16 Mar 2023 00:00:00 +0530 Fri, 28 Apr 2023 21:21:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437159 The Appellate Tribunal ITAT Hyderabad addressed issues related to business income and unexplained cash credits in a case resulting from a search and seizure operation. The Assessing Officer's additions were partially upheld by the CIT(A), who directed a lower profit rate for business income but sustained the addition under section 68. The treatment of interest income as 'income from business' was also affirmed by the Tribunal, allowing the appeals for statistical purposes. The delay in filing appeals due to the imprisonment of the company director was condoned, emphasizing the need for fair adjudication considering all relevant circumstances. Case-Laws Income Tax Thu, 16 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437159