https://www.taxtmi.com/caselaws?id=465805 WhatsApp chats relied on for s.69 unexplained investment were held to evidence only hawala cash transfers, entitling the assessee merely to commission income; as Revenue produced no contrary material, only commission at Rs.300 per lakh on the transferred sum was taxable, and the s.69 addition was restricted accordingly. For impounded material showing unaccounted purchases/sales, applying MP HC precedents, only the profit element in unaccounted sales was assessable; adopting the assessee's disclosed GP rate of 26.40%, the CIT(A)'s profit addition was sustained. Reassessment was upheld since an admitted unaccounted purchase provided prima facie "reason to believe"; the challenge failed. Excess-stock addition was deleted as the survey statement contained no admission. en-us Fri, 28 Jun 2024 00:00:00 +0530 Fri, 09 Jan 2026 19:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465805 WhatsApp chats relied on for s.69 unexplained investment were held to evidence only hawala cash transfers, entitling the assessee merely to commission income; as Revenue produced no contrary material, only commission at Rs.300 per lakh on the transferred sum was taxable, and the s.69 addition was restricted accordingly. For impounded material showing unaccounted purchases/sales, applying MP HC precedents, only the profit element in unaccounted sales was assessable; adopting the assessee's disclosed GP rate of 26.40%, the CIT(A)'s profit addition was sustained. Reassessment was upheld since an admitted unaccounted purchase provided prima facie "reason to believe"; the challenge failed. Excess-stock addition was deleted as the survey statement contained no admission. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465805