https://www.taxtmi.com/caselaws?id=751616 ITAT Guwahati dismissed revenue's appeal in search assessment under section 153A. The tribunal upheld CIT(A)'s deletion of additions for unexplained cash receipts under section 69A, finding no independent third-party inquiry was conducted and additions were based on conjectures without credible material. For unexplained expenditure under section 69C, the tribunal allowed telescoping benefit against additional income offered by assessee. Regarding bogus purchases, the tribunal sustained CIT(A)'s approach of disallowing only 5% of total purchases, noting sales were undisputed and executed through proper banking channels. The tribunal confirmed that incriminating digital evidence provided jurisdiction for section 153A assessment proceedings. en-us Tue, 09 Apr 2024 00:00:00 +0530 Fri, 19 Apr 2024 22:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751616 ITAT Guwahati dismissed revenue's appeal in search assessment under section 153A. The tribunal upheld CIT(A)'s deletion of additions for unexplained cash receipts under section 69A, finding no independent third-party inquiry was conducted and additions were based on conjectures without credible material. For unexplained expenditure under section 69C, the tribunal allowed telescoping benefit against additional income offered by assessee. Regarding bogus purchases, the tribunal sustained CIT(A)'s approach of disallowing only 5% of total purchases, noting sales were undisputed and executed through proper banking channels. The tribunal confirmed that incriminating digital evidence provided jurisdiction for section 153A assessment proceedings. Case-Laws Income Tax Tue, 09 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751616