https://www.taxtmi.com/caselaws?id=467434 Additions for unexplained transactions must be confined to amounts not already declared in the return to avoid double taxation; this restriction follows verification of seized documents, statements and declared turnover and operates in favour of the assessee. Estimation of income at a presumptive 20% net profit was held unsustainable where audited books were not rejected and no material defect was shown, resulting in deletion of such additions. Higher depreciation at 30% on heavy vehicles used for transport or hiring was allowed where evidence and prior consistent allowance supported the claim. en-us Mon, 23 Sep 2024 00:00:00 +0530 Thu, 19 Mar 2026 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467434 Additions for unexplained transactions must be confined to amounts not already declared in the return to avoid double taxation; this restriction follows verification of seized documents, statements and declared turnover and operates in favour of the assessee. Estimation of income at a presumptive 20% net profit was held unsustainable where audited books were not rejected and no material defect was shown, resulting in deletion of such additions. Higher depreciation at 30% on heavy vehicles used for transport or hiring was allowed where evidence and prior consistent allowance supported the claim. Case-Laws Income Tax Mon, 23 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467434