https://www.taxtmi.com/caselaws?id=368950 The ITAT partly allowed the appeal regarding the addition of cash deposits as unexplained income, directing the AO to estimate business income at 5% of the aggregate deposits. The ITAT rejected the application of peak credit theory, emphasizing the nature of the deposits as likely business receipts. Regarding the burden of proof under section 68 of the Income Tax Act, the ITAT highlighted the importance of considering the facts and circumstances, directing the AO to adjust the declared income based on estimated business income. en-us Fri, 06 Jul 2018 00:00:00 +0530 Wed, 17 Oct 2018 07:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368950 The ITAT partly allowed the appeal regarding the addition of cash deposits as unexplained income, directing the AO to estimate business income at 5% of the aggregate deposits. The ITAT rejected the application of peak credit theory, emphasizing the nature of the deposits as likely business receipts. Regarding the burden of proof under section 68 of the Income Tax Act, the ITAT highlighted the importance of considering the facts and circumstances, directing the AO to adjust the declared income based on estimated business income. Case-Laws Income Tax Fri, 06 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368950