https://www.taxtmi.com/caselaws?id=471094 Search-assessment additions require a nexus with incriminating material and cannot rest on unsupported estimates or uncorroborated declarations. Foreign derivative activity was taxable only to the extent of established trading profit, not on peak-credit basis; the initial-investment addition was deleted. Reversed, reconciled or temporary bullion-ledger entries, invoiced premium payments, hedging losses, interest expenditure, and unsupported property and cheque-purchase allegations did not justify additions. Credits lacking adequate substantiation, estimated deemed rent for a second residence, and commission disallowed for failure to deduct tax remained taxable or disallowable. The account was treated as beneficially owned by the assessee, but its derivative-trading character governed the taxable income computation. en-us Tue, 09 Oct 2018 00:00:00 +0530 Thu, 20 Aug 2026 18:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471094 Search-assessment additions require a nexus with incriminating material and cannot rest on unsupported estimates or uncorroborated declarations. Foreign derivative activity was taxable only to the extent of established trading profit, not on peak-credit basis; the initial-investment addition was deleted. Reversed, reconciled or temporary bullion-ledger entries, invoiced premium payments, hedging losses, interest expenditure, and unsupported property and cheque-purchase allegations did not justify additions. Credits lacking adequate substantiation, estimated deemed rent for a second residence, and commission disallowed for failure to deduct tax remained taxable or disallowable. The account was treated as beneficially owned by the assessee, but its derivative-trading character governed the taxable income computation. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471094