https://www.taxtmi.com/caselaws?id=245232 Bank deposits shown to be business receipts from commission trading, supported by corresponding supplier payments through banking channels and an earlier identical factual finding, should not be assessed in full as unexplained income under section 69. Where deposits are accepted as turnover, taxable income is to be estimated by applying a reasonable profit rate rather than bringing the entire credits to tax. On the facts discussed, the earlier 5% profit rate applied in the assessee's own case was followed instead of 6%, reflecting consistency with the prior year's approach and limiting the addition to estimated profit on turnover. en-us Fri, 28 Feb 2014 00:00:00 +0530 Fri, 21 Mar 2014 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245232 Bank deposits shown to be business receipts from commission trading, supported by corresponding supplier payments through banking channels and an earlier identical factual finding, should not be assessed in full as unexplained income under section 69. Where deposits are accepted as turnover, taxable income is to be estimated by applying a reasonable profit rate rather than bringing the entire credits to tax. On the facts discussed, the earlier 5% profit rate applied in the assessee's own case was followed instead of 6%, reflecting consistency with the prior year's approach and limiting the addition to estimated profit on turnover. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245232