https://www.taxtmi.com/caselaws?id=262345 The appeal by the Revenue, challenging the categorization of cash deposits in the bank account of a transport contractor for bitumen purchases, was dismissed. The CIT(A) upheld the classification of deposits into groups, emphasizing the business advantage received by the assessee. Confirming the authenticity of most deposits, except for a minor amount, the CIT(A) directed the Assessing Officer to calculate a reasonable return on turnover. The decision underscored the significance of substantiating claims and making reasonable estimations in assessing unexplained cash credits under section 68 of the Income Tax Act, 1961. en-us Tue, 02 Dec 2014 00:00:00 +0530 Sat, 08 Aug 2015 08:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262345 The appeal by the Revenue, challenging the categorization of cash deposits in the bank account of a transport contractor for bitumen purchases, was dismissed. The CIT(A) upheld the classification of deposits into groups, emphasizing the business advantage received by the assessee. Confirming the authenticity of most deposits, except for a minor amount, the CIT(A) directed the Assessing Officer to calculate a reasonable return on turnover. The decision underscored the significance of substantiating claims and making reasonable estimations in assessing unexplained cash credits under section 68 of the Income Tax Act, 1961. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262345