https://www.taxtmi.com/caselaws?id=770227 ITAT Mumbai dismissed revenue's appeal regarding unaccounted business receipts and associated expenditures. The assessee offered net profit at 20% on unaccounted receipts based on seized materials showing both receipts and expenses. ITAT upheld CIT(A)'s finding that income component was fairly calculated, not mere guesswork. Addition under section 69C for unexplained expenditure was deleted as expenses were already explained through same business receipts. Protective basis addition was held unsustainable without substantive addition. Revenue's grounds were dismissed, affirming assessee's position on treatment of on-money receipts and related expenses. en-us Fri, 25 Apr 2025 00:00:00 +0530 Thu, 08 May 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770227 ITAT Mumbai dismissed revenue's appeal regarding unaccounted business receipts and associated expenditures. The assessee offered net profit at 20% on unaccounted receipts based on seized materials showing both receipts and expenses. ITAT upheld CIT(A)'s finding that income component was fairly calculated, not mere guesswork. Addition under section 69C for unexplained expenditure was deleted as expenses were already explained through same business receipts. Protective basis addition was held unsustainable without substantive addition. Revenue's grounds were dismissed, affirming assessee's position on treatment of on-money receipts and related expenses. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770227