https://www.taxtmi.com/caselaws?id=767065 The ITAT Surat upheld additions for unaccounted income based on cash receipts noted in seized documents, rejecting the assessee's claim that cash was returned to original buyers without evidence. However, the Tribunal modified the profit estimation from 50% to 45% of gross cash receipts, considering the assessee's declared profit rate. The HC dismissed challenges to reassessment notice validity under section 148A, ruling that search cases are exempt from these provisions. The ITAT confirmed deletion of additions where the same amount would be taxed in different assessment years, preventing double taxation. en-us Wed, 05 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767065 The ITAT Surat upheld additions for unaccounted income based on cash receipts noted in seized documents, rejecting the assessee's claim that cash was returned to original buyers without evidence. However, the Tribunal modified the profit estimation from 50% to 45% of gross cash receipts, considering the assessee's declared profit rate. The HC dismissed challenges to reassessment notice validity under section 148A, ruling that search cases are exempt from these provisions. The ITAT confirmed deletion of additions where the same amount would be taxed in different assessment years, preventing double taxation. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767065