https://www.taxtmi.com/caselaws?id=761510 The ITAT Hyderabad ruled on multiple issues arising from a search operation. Regarding film financing business, the tribunal accepted the assessee's explanation of acting as a middleman between financiers and producers, allowing 5% net profit on total loans after deducting 1% for expenses. For gift received from brother-in-law in AY 2011-12, the addition was deleted as the amount was received in earlier years 2007-08 and 2008-09, making addition in AY 2011-12 erroneous. Unexplained cash addition was restricted to Rs. 24,43,250 after accepting Rs. 5 lakhs as explained. Addition towards jewellery investment was deleted as the quantity was within CBDT parameters and source was adequately explained from known income. en-us Fri, 08 Nov 2024 00:00:00 +0530 Tue, 12 Nov 2024 08:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761510 The ITAT Hyderabad ruled on multiple issues arising from a search operation. Regarding film financing business, the tribunal accepted the assessee's explanation of acting as a middleman between financiers and producers, allowing 5% net profit on total loans after deducting 1% for expenses. For gift received from brother-in-law in AY 2011-12, the addition was deleted as the amount was received in earlier years 2007-08 and 2008-09, making addition in AY 2011-12 erroneous. Unexplained cash addition was restricted to Rs. 24,43,250 after accepting Rs. 5 lakhs as explained. Addition towards jewellery investment was deleted as the quantity was within CBDT parameters and source was adequately explained from known income. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761510