https://www.taxtmi.com/caselaws?id=356156 The Tribunal partially allowed the appeal by estimating the net profit rate at 8% on the alleged cash deposit of Rs. 89,35,000, resulting in a confirmed addition of Rs. 7,14,800 instead of the original amount. The Tribunal considered the lack of conclusive evidence from both parties regarding the nature of the cash deposits and determined that the source was withdrawals from the contractor's account for business receipts. The decision showcases a balanced approach in assessing the situation and adjusting the income addition accordingly. en-us Wed, 08 Nov 2017 00:00:00 +0530 Mon, 26 Feb 2018 08:29:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356156 The Tribunal partially allowed the appeal by estimating the net profit rate at 8% on the alleged cash deposit of Rs. 89,35,000, resulting in a confirmed addition of Rs. 7,14,800 instead of the original amount. The Tribunal considered the lack of conclusive evidence from both parties regarding the nature of the cash deposits and determined that the source was withdrawals from the contractor's account for business receipts. The decision showcases a balanced approach in assessing the situation and adjusting the income addition accordingly. Case-Laws Income Tax Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356156