https://www.taxtmi.com/caselaws?id=448080 ITAT Indore upheld CIT(A)'s deletion of additions for estimated commission income, unexplained unsecured loans, and alleged hawala transactions. The tribunal found AO's 20% increase in commission income was based on suspicion without material evidence. Unsecured loans were properly documented through banking channels with subsequent repayments. For hawala transactions, only commission income was assessable, not entire transaction amounts. Assessment under section 153C was valid per SC ruling in Vikram Bhatia case. Foreign trip expenditure issue was remanded to AO for fresh adjudication after assessee produced sponsorship certificate requiring further inquiry. en-us Mon, 30 Oct 2023 00:00:00 +0530 Wed, 10 Jan 2024 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448080 ITAT Indore upheld CIT(A)'s deletion of additions for estimated commission income, unexplained unsecured loans, and alleged hawala transactions. The tribunal found AO's 20% increase in commission income was based on suspicion without material evidence. Unsecured loans were properly documented through banking channels with subsequent repayments. For hawala transactions, only commission income was assessable, not entire transaction amounts. Assessment under section 153C was valid per SC ruling in Vikram Bhatia case. Foreign trip expenditure issue was remanded to AO for fresh adjudication after assessee produced sponsorship certificate requiring further inquiry. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448080