No U/s 115BBE Tax Because Income Was Business Profit, Not Unexplained Money

Amar Kumar Agarwal Vs DCIT (ITAT Kolkata) Unaccounted Sales ≠ Unexplained Money — GP @10% Yes, 69A & 115BBE No; Dumb Papers & Streedhan Save the Day Kolkata ITAT delivered a comprehensive, issue-wise ruling in the group search cases of Amar Kumar Agarwal for AYs 2017-18 to 2021-22, drawing clear lines between unaccounted business receipts and unexplained money. On battery business cash receipts found during search, Tribunal held that where unaccounted receipts are admittedly from out-of-book sales, entire turnover cannot be taxed u/s 69A. Only the profit element is taxable. While C...