https://www.taxtmi.com/caselaws?id=469864 The ITAT Jaipur held that a seized profit and loss account could not be used to tax the same undisclosed income twice, and allowed telescopic set-off against income already surrendered in search. It further ruled that alleged unaccounted sales shown in loose papers could justify only the profit element, not the entire sale proceeds, and directed the Assessing Officer to apply the gross profit rate. Cash advances, unexplained expenditure and third-party bank deposits were also adjusted through the cash-flow/set-off working to avoid duplication. Cash payments in village-related work were held covered by Rule 6DD(g), so the section 40A(3) disallowance was not sustained. en-us Mon, 10 Mar 2025 00:00:00 +0530 Tue, 07 Jul 2026 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469864 The ITAT Jaipur held that a seized profit and loss account could not be used to tax the same undisclosed income twice, and allowed telescopic set-off against income already surrendered in search. It further ruled that alleged unaccounted sales shown in loose papers could justify only the profit element, not the entire sale proceeds, and directed the Assessing Officer to apply the gross profit rate. Cash advances, unexplained expenditure and third-party bank deposits were also adjusted through the cash-flow/set-off working to avoid duplication. Cash payments in village-related work were held covered by Rule 6DD(g), so the section 40A(3) disallowance was not sustained. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469864