https://www.taxtmi.com/caselaws?id=758115 An addition for alleged on-money payment for immovable property was deleted where the finding rested on an audio recording, the corresponding addition in the seller's case had already been knocked down after cross-examination and affidavit evidence, and the material did not meet the evidentiary standard under section 65B of the Indian Evidence Act. The estimated business profit rate on turnover was also reduced from 5% to 4% on a fair comparison with past results, and the additional income already declared by the assessee was telescoped against the estimated profit addition, leaving no separate addition outstanding. en-us Mon, 02 Sep 2024 00:00:00 +0530 Sat, 07 Sep 2024 08:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758115 An addition for alleged on-money payment for immovable property was deleted where the finding rested on an audio recording, the corresponding addition in the seller's case had already been knocked down after cross-examination and affidavit evidence, and the material did not meet the evidentiary standard under section 65B of the Indian Evidence Act. The estimated business profit rate on turnover was also reduced from 5% to 4% on a fair comparison with past results, and the additional income already declared by the assessee was telescoped against the estimated profit addition, leaving no separate addition outstanding. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758115