https://www.taxtmi.com/caselaws?id=274114 Where bank credits were linked to contract business turnover, only the profit element could be assessed as income and not the entire gross receipts as unexplained income; the Tribunal therefore sustained estimation of income at 12.5% of the balance turnover and rejected full addition. The claim for Chapter VI-A deduction lacked supporting evidence, so the matter was remitted to the Assessing Officer for fresh verification and allowance according to law. The substantive addition was thus reduced to an estimated profit component, while the deduction issue remained open for verification. en-us Wed, 25 Apr 2018 00:00:00 +0530 Sun, 29 Jul 2018 11:40:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274114 Where bank credits were linked to contract business turnover, only the profit element could be assessed as income and not the entire gross receipts as unexplained income; the Tribunal therefore sustained estimation of income at 12.5% of the balance turnover and rejected full addition. The claim for Chapter VI-A deduction lacked supporting evidence, so the matter was remitted to the Assessing Officer for fresh verification and allowance according to law. The substantive addition was thus reduced to an estimated profit component, while the deduction issue remained open for verification. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274114