https://www.taxtmi.com/caselaws?id=245174 Cash deposits in a bank account, when satisfactorily linked to business sale proceeds through a consistent banking trail, supplier payments, confirmations and surrounding evidence, cannot be treated in full as unexplained investment under section 69. The Tribunal found that the receipts arose from commission trading activity, with identifiable debit entries, meagre opening and closing balances, and no verification by the authorities of the named parties despite a request for summons. On that basis, the deposits were regarded as turnover, and only the income element embedded in the receipts was liable to tax on a presumptive basis. The full addition was deleted and only the profit component was sustained. en-us Fri, 19 Oct 2012 00:00:00 +0530 Fri, 21 Mar 2014 16:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245174 Cash deposits in a bank account, when satisfactorily linked to business sale proceeds through a consistent banking trail, supplier payments, confirmations and surrounding evidence, cannot be treated in full as unexplained investment under section 69. The Tribunal found that the receipts arose from commission trading activity, with identifiable debit entries, meagre opening and closing balances, and no verification by the authorities of the named parties despite a request for summons. On that basis, the deposits were regarded as turnover, and only the income element embedded in the receipts was liable to tax on a presumptive basis. The full addition was deleted and only the profit component was sustained. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245174