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        Case ID :
        Income Tax

        ITAT partially allowed appeal concerning assessment year...

        Income From Land Deals Estimated at 10% of Turnover Under Section 80-C; Bank Deposits Partially Allowed as Business Income

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT partially allowed appeal concerning assessment year 2013-14. Given assessee's cash-based business nature and bank deposits consistent with disclosed turnover, complete disallowance of cash deposits was deemed excessive. While assessee provided ledger copies for land purchases, documentation was insufficient per AO requirements. ITAT estimated income at 10% of total turnover (Rs. 2,23,77,000/-) as reasonable resolution. Based on bank certificate evidencing principal repayment of Rs. 72,643/- and interest of Rs. 3,59,357/-, tribunal directed AO to allow deductions under s.80-C and interest on self-occupied property. Matter resolved balancing business realities with compliance requirements.
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