https://www.taxtmi.com/caselaws?id=242581 The Tribunal allowed the appeals, directing the Assessing Officer to consider 15% of the bank deposits as income for the assessment years in question. Despite the Department's contention that the appellant failed to provide adequate explanations for the nature and source of the deposits, the Tribunal emphasized that in the absence of evidence indicating other income sources, the deposits were likely business receipts. The Tribunal's decision was based on assessing the bank account entries as business profit or income from other sources, depending on the evidence and explanations provided by the assessee. en-us Thu, 09 Jan 2014 00:00:00 +0530 Sat, 18 Jan 2014 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242581 The Tribunal allowed the appeals, directing the Assessing Officer to consider 15% of the bank deposits as income for the assessment years in question. Despite the Department's contention that the appellant failed to provide adequate explanations for the nature and source of the deposits, the Tribunal emphasized that in the absence of evidence indicating other income sources, the deposits were likely business receipts. The Tribunal's decision was based on assessing the bank account entries as business profit or income from other sources, depending on the evidence and explanations provided by the assessee. Case-Laws Income Tax Thu, 09 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242581