https://www.taxtmi.com/caselaws?id=213477 The Tribunal allowed the assessee's appeals, finding a direct correlation between turnover, receipts, and deposits, leading to the deletion of additions under sections 69 and 69C of the Income Tax Act. Emphasizing the business nexus between turnover and deposits, the Tribunal ruled in favor of the assessee, overturning the lower authorities' decisions. The judgment aligned with the Punjab and Haryana High Court's precedent, stating that under section 44AF, individual cash deposits need not be explained unless unrelated to gross receipts. The decision was rendered on 25.11.2011, in favor of the assessee. en-us Fri, 25 Nov 2011 00:00:00 +0530 Mon, 16 Apr 2012 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213477 The Tribunal allowed the assessee's appeals, finding a direct correlation between turnover, receipts, and deposits, leading to the deletion of additions under sections 69 and 69C of the Income Tax Act. Emphasizing the business nexus between turnover and deposits, the Tribunal ruled in favor of the assessee, overturning the lower authorities' decisions. The judgment aligned with the Punjab and Haryana High Court's precedent, stating that under section 44AF, individual cash deposits need not be explained unless unrelated to gross receipts. The decision was rendered on 25.11.2011, in favor of the assessee. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213477