Addition under Section 68 cannot be arbitrarily capped at a 8% lump-sum without statutory basis.
Addition under Section 68 cannot be arbitrarily capped at a 8% lump-sum without statutory basis. Issue Whether the Income Tax Appellate Tribunal (ITAT) was justified in disregarding unexplained cash receipts, payments, and unsecured loans established from seized material under Section 68 and arbitrarily restricting the taxable addition to a lump-sum rate of 8% on the… Read More »