https://www.taxtmi.com/caselaws?id=460042 The ITAT Indore held that booking amounts converted into loans after cancellation do not constitute unexplained receipts under section 69A. The assessee had surrendered income during search proceedings under section 132, explaining that booking advances were converted to unsecured loans with interest upon buyer cancellation. The tribunal found that seized materials clearly explained the transaction nature and source. Following the Tapesh Tyagi precedent, the tribunal ruled that such converted loans fall outside section 69A's scope, making section 115BBE inapplicable. The decision applied across all assessment years involving similar transactions. The assessee's appeal was allowed. en-us Mon, 22 Apr 2024 00:00:00 +0530 Wed, 08 Jan 2025 18:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460042 The ITAT Indore held that booking amounts converted into loans after cancellation do not constitute unexplained receipts under section 69A. The assessee had surrendered income during search proceedings under section 132, explaining that booking advances were converted to unsecured loans with interest upon buyer cancellation. The tribunal found that seized materials clearly explained the transaction nature and source. Following the Tapesh Tyagi precedent, the tribunal ruled that such converted loans fall outside section 69A's scope, making section 115BBE inapplicable. The decision applied across all assessment years involving similar transactions. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460042