https://www.taxtmi.com/caselaws?id=461079 The ITAT Ahmedabad ruled on multiple issues in a search and seizure case. The tribunal upheld the CIT(A)'s application of 12% net profit rate to unaccounted receipts, rejecting the AO's approach of taxing gross receipts without considering expenses. The CIT(A) correctly deleted separate additions for poker-related income as they were already covered under general unaccounted receipts, preventing double taxation. For delayed PF/ESIC contributions in assessment years 2013-14 to 2017-18, additions were deleted as no incriminating material was found during search. The tribunal also upheld deletion of cash seizure addition under section 69A, finding the assessee's explanation of business receipts credible and noting it would constitute double taxation. en-us Tue, 24 Sep 2024 00:00:00 +0530 Tue, 11 Mar 2025 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461079 The ITAT Ahmedabad ruled on multiple issues in a search and seizure case. The tribunal upheld the CIT(A)'s application of 12% net profit rate to unaccounted receipts, rejecting the AO's approach of taxing gross receipts without considering expenses. The CIT(A) correctly deleted separate additions for poker-related income as they were already covered under general unaccounted receipts, preventing double taxation. For delayed PF/ESIC contributions in assessment years 2013-14 to 2017-18, additions were deleted as no incriminating material was found during search. The tribunal also upheld deletion of cash seizure addition under section 69A, finding the assessee's explanation of business receipts credible and noting it would constitute double taxation. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461079