https://www.taxtmi.com/caselaws?id=765846 The ITAT Delhi upheld assessment under section 153A despite limitation arguments, finding the search conducted on 1.12.2018 covered relevant assessment years. The tribunal sustained additions under section 69A for unexplained cash transactions from seized farm account documents, rejecting the assessee's claim these were "dumb documents." Cash found during search was treated as business income rather than income from other sources, avoiding higher tax rates under section 115BBE. The tribunal accepted CIT(A)'s findings on peak credit calculation for running account transactions and dismissed additions for unencashed cheques lacking transaction completion. The assessee was granted tax credit adjustment for cash seized during search against final tax liability determined post-assessment. en-us Fri, 07 Feb 2025 00:00:00 +0530 Mon, 10 Feb 2025 09:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765846 The ITAT Delhi upheld assessment under section 153A despite limitation arguments, finding the search conducted on 1.12.2018 covered relevant assessment years. The tribunal sustained additions under section 69A for unexplained cash transactions from seized farm account documents, rejecting the assessee's claim these were "dumb documents." Cash found during search was treated as business income rather than income from other sources, avoiding higher tax rates under section 115BBE. The tribunal accepted CIT(A)'s findings on peak credit calculation for running account transactions and dismissed additions for unencashed cheques lacking transaction completion. The assessee was granted tax credit adjustment for cash seized during search against final tax liability determined post-assessment. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765846