https://www.taxtmi.com/caselaws?id=303464 Peak cash deposits in a bank account from a small cash-based dairy business were treated as business turnover rather than unexplained investment, because the account showed regular cash deposits and withdrawals and identical deposits had been accepted as turnover in the preceding year. Although the assessee's documentary support for the stated remittance explanation was incomplete, the principle of consistency and the business pattern justified taxing only the profit element, not the entire peak balance. The addition made on account of unexplained peak cash deposits was therefore deleted. en-us Fri, 31 May 2019 00:00:00 +0530 Tue, 26 Jul 2022 09:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303464 Peak cash deposits in a bank account from a small cash-based dairy business were treated as business turnover rather than unexplained investment, because the account showed regular cash deposits and withdrawals and identical deposits had been accepted as turnover in the preceding year. Although the assessee's documentary support for the stated remittance explanation was incomplete, the principle of consistency and the business pattern justified taxing only the profit element, not the entire peak balance. The addition made on account of unexplained peak cash deposits was therefore deleted. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303464