https://www.taxtmi.com/highlights?id=75001 Unexplained investment in agricultural lands - loose paper seized relied upon - The ITAT found that the firm had shown the sale of some lands and offered the gain as business profit, supporting the argument that the lands belong to the firm. - The ITAT upheld the CIT(A)'s decision, noting that the seized document did not specifically mention the assessee's or the firm's names and the transactions mentioned in the document pertained to a different assessment year. en-us Sat, 17 Feb 2024 12:55:56 +0530 Sat, 17 Feb 2024 12:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75001 Unexplained investment in agricultural lands - loose paper seized relied upon - The ITAT found that the firm had shown the sale of some lands and offered the gain as business profit, supporting the argument that the lands belong to the firm. - The ITAT upheld the CIT(A)'s decision, noting that the seized document did not specifically mention the assessee's or the firm's names and the transactions mentioned in the document pertained to a different assessment year. Highlights Income Tax Sat, 17 Feb 2024 12:55:56 +0530 https://www.taxtmi.com/highlights?id=75001