https://www.taxtmi.com/caselaws?id=412536 Section 68 applies only to credits in books of account maintained by the assessee, so undisclosed bank deposits cannot be taxed as unexplained income where no such books exist. On the facts, the bank entries, trading pattern, reopening material, and counterparty response indicated business activity in rubber chemicals, so the deposits were treated as business turnover and only the profit element was brought to tax. The Tribunal rejected a 5% estimate and adopted an 8% gross profit rate on the turnover, while giving credit for income already offered by the assessee. en-us Mon, 16 Aug 2021 00:00:00 +0530 Wed, 24 Nov 2021 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412536 Section 68 applies only to credits in books of account maintained by the assessee, so undisclosed bank deposits cannot be taxed as unexplained income where no such books exist. On the facts, the bank entries, trading pattern, reopening material, and counterparty response indicated business activity in rubber chemicals, so the deposits were treated as business turnover and only the profit element was brought to tax. The Tribunal rejected a 5% estimate and adopted an 8% gross profit rate on the turnover, while giving credit for income already offered by the assessee. Case-Laws Income Tax Mon, 16 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412536