https://www.taxtmi.com/caselaws?id=777930 ITAT MUMBAI - AT upheld the reopening based on material gathered in third-party search, rejecting the assessee's objection to AO naming the correct counterparty and dismissing the challenge to applicability of sections 147/148 where linked to search information. However, the Tribunal restricted the s.68 addition: instead of treating entire purchase/sale turnovers as unexplained credits, only the disclosed profit arising from the speculative commodity transactions was treated as potentially unexplained cash routed through sub-brokers. Consequently the addition was reduced and the appeal was partly allowed. en-us Mon, 13 Jan 2025 00:00:00 +0530 Mon, 08 Sep 2025 13:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777930 ITAT MUMBAI - AT upheld the reopening based on material gathered in third-party search, rejecting the assessee's objection to AO naming the correct counterparty and dismissing the challenge to applicability of sections 147/148 where linked to search information. However, the Tribunal restricted the s.68 addition: instead of treating entire purchase/sale turnovers as unexplained credits, only the disclosed profit arising from the speculative commodity transactions was treated as potentially unexplained cash routed through sub-brokers. Consequently the addition was reduced and the appeal was partly allowed. Case-Laws Income Tax Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777930