https://www.taxtmi.com/caselaws?id=262541 The Tribunal partially allowed the appeal, reducing the addition to the appellant's income by estimating business income at 5% of total deposits, based on the pattern of deposits and withdrawals. The appellant's argument to set off losses in shares and future options against undisclosed income was rejected due to lack of evidence supporting the sources of deposits or claimed losses. The Tribunal upheld the Assessing Officer's decision treating cash deposits in an undisclosed bank account as undisclosed income under section 69A of the Act. en-us Fri, 06 Feb 2015 00:00:00 +0530 Thu, 13 Aug 2015 07:01:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262541 The Tribunal partially allowed the appeal, reducing the addition to the appellant's income by estimating business income at 5% of total deposits, based on the pattern of deposits and withdrawals. The appellant's argument to set off losses in shares and future options against undisclosed income was rejected due to lack of evidence supporting the sources of deposits or claimed losses. The Tribunal upheld the Assessing Officer's decision treating cash deposits in an undisclosed bank account as undisclosed income under section 69A of the Act. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262541