https://www.taxtmi.com/caselaws?id=420570 The Tribunal partially allowed the appeal, confirming a presumptive tax of 8% on the total cash deposits in the joint bank account, resulting in a tax liability of &8377; 2,21,496. The Tribunal considered the assessee's trading activities and regular banking transactions, concluding that the entire deposit could not be treated as undisclosed income. Therefore, a portion of the amount was upheld as taxable income, while the remaining balance was directed to be deleted, emphasizing the need for fairness in the decision. en-us Thu, 31 Mar 2022 00:00:00 +0530 Tue, 05 Apr 2022 09:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420570 The Tribunal partially allowed the appeal, confirming a presumptive tax of 8% on the total cash deposits in the joint bank account, resulting in a tax liability of &8377; 2,21,496. The Tribunal considered the assessee's trading activities and regular banking transactions, concluding that the entire deposit could not be treated as undisclosed income. Therefore, a portion of the amount was upheld as taxable income, while the remaining balance was directed to be deleted, emphasizing the need for fairness in the decision. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420570