https://www.taxtmi.com/caselaws?id=765989 ITAT Ahmedabad ruled on unaccounted receipts and payments in hotel, restaurant, and real estate businesses following search and seizure action. For hotel business, tribunal reduced profit margin from 50% to 40% on unaccounted sales, finding CIT(A)'s estimate excessive given assessee's actual profit margins of 31-48%. For real estate business, profit margin reduced from 17% to 13% as transactions were mere advances without formal agreements. However, regarding unsecured loans under Section 68, tribunal reversed CIT(A)'s deletion, upholding additions as no incriminating material was found during search, citing Supreme Court's Abhisar Buildwell precedent requiring incriminating evidence for additions in completed assessments. en-us Fri, 31 Jan 2025 00:00:00 +0530 Fri, 14 Feb 2025 08:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765989 ITAT Ahmedabad ruled on unaccounted receipts and payments in hotel, restaurant, and real estate businesses following search and seizure action. For hotel business, tribunal reduced profit margin from 50% to 40% on unaccounted sales, finding CIT(A)'s estimate excessive given assessee's actual profit margins of 31-48%. For real estate business, profit margin reduced from 17% to 13% as transactions were mere advances without formal agreements. However, regarding unsecured loans under Section 68, tribunal reversed CIT(A)'s deletion, upholding additions as no incriminating material was found during search, citing Supreme Court's Abhisar Buildwell precedent requiring incriminating evidence for additions in completed assessments. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765989