https://www.taxtmi.com/article/detailed?id=1161 When an assessee declares income under the presumptive income scheme and the taxable income is computed as a prescribed proportion of gross receipts with exemption from maintaining books of account, the assessee is not obliged to explain individual cash deposits in a bank unless a particular entry lacks nexus with the declared gross receipts; the revenue must produce material showing such deposits are unexplained or constitute undisclosed income rather than relying solely on aggregate cash credits. en-us Mon, 28 Feb 2011 13:35:28 +0530 Tue, 15 Mar 2011 21:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1161 When an assessee declares income under the presumptive income scheme and the taxable income is computed as a prescribed proportion of gross receipts with exemption from maintaining books of account, the assessee is not obliged to explain individual cash deposits in a bank unless a particular entry lacks nexus with the declared gross receipts; the revenue must produce material showing such deposits are unexplained or constitute undisclosed income rather than relying solely on aggregate cash credits. Articles Income Tax Mon, 28 Feb 2011 13:35:28 +0530 https://www.taxtmi.com/article/detailed?id=1161