Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else

Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else. Addition of minimum guarantee cannot be made if the same has been taken in business gross receipts. Only assesss’s share in the property is to be considered for the investment made in the property. Past history of GP ratio and NP ratio is to be considered if the books of accounts are not found reliable. If LIP payment is made through cheque then it cannot be considered as unexplained investment. If opportunity of being heard is not given to the assess...