https://www.taxtmi.com/caselaws?id=341634 Bank deposits reflected in regular books as business sale receipts could not be added in full as unexplained cash credits under section 68; only the income element embedded in those receipts was taxable. The books were found defective and unreliable because of cash balance discrepancies and doubtful receipts, so rejection of the books was justified and income could be estimated on a reasonable basis. On that footing, application of an 8% net profit rate on turnover was upheld as supported by the record. The Revenue's challenge to the full addition of deposits and the estimated-profit assessment was rejected. en-us Mon, 11 Apr 2016 00:00:00 +0530 Thu, 02 Apr 2026 15:53:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341634 Bank deposits reflected in regular books as business sale receipts could not be added in full as unexplained cash credits under section 68; only the income element embedded in those receipts was taxable. The books were found defective and unreliable because of cash balance discrepancies and doubtful receipts, so rejection of the books was justified and income could be estimated on a reasonable basis. On that footing, application of an 8% net profit rate on turnover was upheld as supported by the record. The Revenue's challenge to the full addition of deposits and the estimated-profit assessment was rejected. Case-Laws Income Tax Mon, 11 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341634