https://www.taxtmi.com/caselaws?id=447544 The ITAT Surat dismissed revenue's appeal regarding addition u/s 69A for on-money transactions involving property units. The AO had extrapolated on-money collection across all 384 units based on limited incriminating material without independent investigation or evidence that units were sold below Jantri rates. The Tribunal held that additions for undisclosed income can only be made for periods specifically related to documents found during search, not extrapolated across entire block periods without systematic evidence. Regarding taxation u/s 115BBE, the Tribunal directed normal tax rates apply since the AO hadn't invoked this provision and the source of income was explained, making sections 68 and 69 inapplicable to trading transactions. en-us Fri, 22 Dec 2023 00:00:00 +0530 Fri, 29 Dec 2023 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447544 The ITAT Surat dismissed revenue's appeal regarding addition u/s 69A for on-money transactions involving property units. The AO had extrapolated on-money collection across all 384 units based on limited incriminating material without independent investigation or evidence that units were sold below Jantri rates. The Tribunal held that additions for undisclosed income can only be made for periods specifically related to documents found during search, not extrapolated across entire block periods without systematic evidence. Regarding taxation u/s 115BBE, the Tribunal directed normal tax rates apply since the AO hadn't invoked this provision and the source of income was explained, making sections 68 and 69 inapplicable to trading transactions. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447544