https://www.taxtmi.com/caselaws?id=471810 Section 153A assessments are not confined to incriminating material where the period for issuing notice under section 143(2) remained open on the search date, because the assessment was not concluded. Land qualifies as a capital asset when it falls within municipal limits or when agricultural use is not established; the taxpayer bears the burden of proving exclusion as agricultural land. Recorded material may substantiate a cash-source explanation, but prior cash balances and alleged availability with another firm require reliable supporting evidence. Accordingly, the additions for land-sale gains and unsupported cash remained sustainable. en-us Fri, 11 Apr 2025 00:00:00 +0530 Sat, 19 Sep 2026 08:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471810 Section 153A assessments are not confined to incriminating material where the period for issuing notice under section 143(2) remained open on the search date, because the assessment was not concluded. Land qualifies as a capital asset when it falls within municipal limits or when agricultural use is not established; the taxpayer bears the burden of proving exclusion as agricultural land. Recorded material may substantiate a cash-source explanation, but prior cash balances and alleged availability with another firm require reliable supporting evidence. Accordingly, the additions for land-sale gains and unsupported cash remained sustainable. Case-Laws Income Tax Fri, 11 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471810