https://www.taxtmi.com/caselaws?id=786893 Alleged trading profit from agricultural land transactions requires proof of purchase, sale, receipt and retention of consideration; unregistered transfers, uncorroborated records and suspicion alone do not support an addition. Diary entries can constitute unexplained investment only where they establish an actual investment; repayment explanations supported by ledger, cash-book and financial records negate such treatment. Where alleged receipts are not taxable turnover, the audit requirement does not arise on that basis and penalty for failure to obtain an audit cannot be sustained. The additions for trading profit and unexplained investments, and the related audit penalty, were deleted. en-us Wed, 18 Feb 2026 00:00:00 +0530 Sat, 21 Feb 2026 09:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786893 Alleged trading profit from agricultural land transactions requires proof of purchase, sale, receipt and retention of consideration; unregistered transfers, uncorroborated records and suspicion alone do not support an addition. Diary entries can constitute unexplained investment only where they establish an actual investment; repayment explanations supported by ledger, cash-book and financial records negate such treatment. Where alleged receipts are not taxable turnover, the audit requirement does not arise on that basis and penalty for failure to obtain an audit cannot be sustained. The additions for trading profit and unexplained investments, and the related audit penalty, were deleted. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786893