TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal increases undisclosed bank deposits in income tax assessment for 2007-08</h1> <h3>Sanjaysingh B. Gohil Versus Income Tax Officer, Ward-10 (1), Ahmedabad</h3> The Tribunal partially allowed the appeal, sustaining an addition of &8377; 11,40,000 as undisclosed bank account deposits for the assessment year ... - Issues involved: Assessment of undisclosed bank account deposits u/s 68 of the IT Act for assessment year 2007-08.Summary:1. The assessee, a commission agent, declared total income of &8377; 1,55,820/- for the year. The AO added &8377; 15,58,100/- as unexplained cash deposits in the bank, initiating penalty proceedings.2. The assessee argued that total bank credits should be considered turnover, proposing a 5% profit estimation. The CIT(A) restricted the addition to &8377; 15,32,778/-, partly allowing the appeal.3. The Tribunal analyzed the bank statement, noting an erosion of capital and commission income. It sustained an addition of &8377; 11,40,000/-, considering peak credit and personal expenses paid, differing from the CIT(A)'s decision.4. The appeal was partly allowed, with the Tribunal's order pronounced on 11-01-2013.
TaxTMI 
TaxTMI 
