https://www.taxtmi.com/caselaws?id=282856 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the addition made under section 69A of the Income Tax Act, 1961 for an unexplained cash deposit treated as business turnover. The Tribunal found that the cash deposits and withdrawals were regular, indicating business turnover, and the deposited amounts constituted turnover from trading activities. The Tribunal agreed with the CIT(A)'s characterization of the cash deposits as business turnover and the addition of gross profit at a rate of 13.8%. Consequently, the Revenue's appeal was dismissed, affirming the CIT(A)'s order. en-us Mon, 22 Jun 2015 00:00:00 +0530 Wed, 28 Aug 2019 17:19:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282856 The Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision to delete the addition made under section 69A of the Income Tax Act, 1961 for an unexplained cash deposit treated as business turnover. The Tribunal found that the cash deposits and withdrawals were regular, indicating business turnover, and the deposited amounts constituted turnover from trading activities. The Tribunal agreed with the CIT(A)'s characterization of the cash deposits as business turnover and the addition of gross profit at a rate of 13.8%. Consequently, the Revenue's appeal was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282856