https://www.taxtmi.com/caselaws?id=470381 Extended assessments for the seventh to tenth preceding years under Section 153A require material showing escaped income represented by a qualifying undisclosed asset; disclosed share-sale transactions and additions for expenses or credits do not meet that condition. Unsecured loans supported by lender confirmations, tax records and bank evidence cannot be treated as unexplained without evidence of accommodation entries. Diary-recorded unaccounted business receipts and related payments require taxation of embedded profit on net receipts, not gross receipts, peak balances or separate expenditure; a 20% gross-profit rate was adopted. Section 115BBE does not apply to such business profit, and it sufficiently explains cash found. en-us Fri, 08 Aug 2025 00:00:00 +0530 Fri, 24 Jul 2026 21:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470381 Extended assessments for the seventh to tenth preceding years under Section 153A require material showing escaped income represented by a qualifying undisclosed asset; disclosed share-sale transactions and additions for expenses or credits do not meet that condition. Unsecured loans supported by lender confirmations, tax records and bank evidence cannot be treated as unexplained without evidence of accommodation entries. Diary-recorded unaccounted business receipts and related payments require taxation of embedded profit on net receipts, not gross receipts, peak balances or separate expenditure; a 20% gross-profit rate was adopted. Section 115BBE does not apply to such business profit, and it sufficiently explains cash found. Case-Laws Income Tax Fri, 08 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470381