https://www.taxtmi.com/caselaws?id=332642 The Assessing Officer's addition of income based on bank deposits was found to lack sufficient evidence linking them to business turnover, leading to the revisional authority deeming the addition erroneous. The rejection of books of account and estimation of income at 10% of turnover were deemed incorrect, requiring proper reassessment. The lack of concrete evidence for business activities justified treating the deposited amount as unexplained income. The revisional authority's decision to revise the assessment under section 263 was upheld, confirming the addition as unexplained income due to insufficient evidence supporting business operations. The Tribunal upheld the CIT(A)'s decision, dismissing the appeal due to lack of evidence supporting the assessee's claims. en-us Wed, 10 Aug 2016 00:00:00 +0530 Thu, 22 Sep 2016 13:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332642 The Assessing Officer's addition of income based on bank deposits was found to lack sufficient evidence linking them to business turnover, leading to the revisional authority deeming the addition erroneous. The rejection of books of account and estimation of income at 10% of turnover were deemed incorrect, requiring proper reassessment. The lack of concrete evidence for business activities justified treating the deposited amount as unexplained income. The revisional authority's decision to revise the assessment under section 263 was upheld, confirming the addition as unexplained income due to insufficient evidence supporting business operations. The Tribunal upheld the CIT(A)'s decision, dismissing the appeal due to lack of evidence supporting the assessee's claims. Case-Laws Income Tax Wed, 10 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332642