https://www.taxtmi.com/caselaws?id=402062 The Tribunal partly allowed the appeals by directing the Assessing Officer to consider 40% of the gross receipts as unaccounted income and to delete the addition of Rs. 2,54,000 made on account of unexplained capital contribution. Additionally, the Tribunal held that Section 40A(3) of the Income Tax Act, 1961 could not be applied to unaccounted cash transactions. en-us Fri, 11 Dec 2020 00:00:00 +0530 Tue, 22 Dec 2020 21:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402062 The Tribunal partly allowed the appeals by directing the Assessing Officer to consider 40% of the gross receipts as unaccounted income and to delete the addition of Rs. 2,54,000 made on account of unexplained capital contribution. Additionally, the Tribunal held that Section 40A(3) of the Income Tax Act, 1961 could not be applied to unaccounted cash transactions. Case-Laws Income Tax Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402062