https://www.taxtmi.com/caselaws?id=169575 Bank deposits that are supported by disclosed gross receipts and treated as business turnover cannot be assessed in full as unexplained investment under section 69. Where the Assessing Officer has already estimated business receipts and applied a reasonable profit rate, the deposits should be viewed in the context of turnover, with taxation limited to the profit element rather than the entire cash credits. On these facts, the addition under section 69 was not justified and the deletion of the bulk addition was upheld, so the Revenue's challenge failed. en-us Fri, 31 Jan 2014 00:00:00 +0530 Tue, 30 Sep 2014 13:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169575 Bank deposits that are supported by disclosed gross receipts and treated as business turnover cannot be assessed in full as unexplained investment under section 69. Where the Assessing Officer has already estimated business receipts and applied a reasonable profit rate, the deposits should be viewed in the context of turnover, with taxation limited to the profit element rather than the entire cash credits. On these facts, the addition under section 69 was not justified and the deletion of the bulk addition was upheld, so the Revenue's challenge failed. Case-Laws Income Tax Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169575