https://www.taxtmi.com/caselaws?id=785122 Issue 1 - Unexplained investment u/s 69A: The tribunal examined the drawings ledger and monthly summaries showing cash withdrawals with narration linking the withdrawals to the land purchase, establishing a plausible source of funds. Because those ledger documents were not placed before the AO, the matter is remitted to the AO for fresh consideration after hearing the assessee and permitting production of further evidence. Outcome: remit for reconsideration in accordance with law; assessee permitted to produce evidence. Issue 2 - Net profit determination: The AO's unilateral adoption of 8% net profit (confirmed by the CIT(A)) lacked basis where audited books showed 7% and comparable industry margins were lower; no incriminating material was seized. Outcome: AO's and CIT(A)'s orders set aside and the appeal allowed (8% disallowed). en-us Fri, 09 Jan 2026 00:00:00 +0530 Sat, 17 Jan 2026 08:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785122 Issue 1 - Unexplained investment u/s 69A: The tribunal examined the drawings ledger and monthly summaries showing cash withdrawals with narration linking the withdrawals to the land purchase, establishing a plausible source of funds. Because those ledger documents were not placed before the AO, the matter is remitted to the AO for fresh consideration after hearing the assessee and permitting production of further evidence. Outcome: remit for reconsideration in accordance with law; assessee permitted to produce evidence. Issue 2 - Net profit determination: The AO's unilateral adoption of 8% net profit (confirmed by the CIT(A)) lacked basis where audited books showed 7% and comparable industry margins were lower; no incriminating material was seized. Outcome: AO's and CIT(A)'s orders set aside and the appeal allowed (8% disallowed). Case-Laws Income Tax Fri, 09 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785122