https://www.taxtmi.com/caselaws?id=428429 The Tribunal partially allowed the appeal, directing the Assessing Officer to tax only 8% of the total deposit amount under Section 69A of the Income Tax Act. This decision was based on the nature of the business activity and the profit element involved in the unreported transactions. The Tribunal emphasized that only the profit element from the business activities generating the credit should be considered for taxation, not the entire amount deposited. en-us Wed, 28 Sep 2022 00:00:00 +0530 Fri, 30 Sep 2022 09:38:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428429 The Tribunal partially allowed the appeal, directing the Assessing Officer to tax only 8% of the total deposit amount under Section 69A of the Income Tax Act. This decision was based on the nature of the business activity and the profit element involved in the unreported transactions. The Tribunal emphasized that only the profit element from the business activities generating the credit should be considered for taxation, not the entire amount deposited. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428429