https://www.taxtmi.com/caselaws?id=430516 The Tribunal ruled in favor of the assessee, deleting the addition of specified bank notes deposited in the bank account. The assessee, engaged in plying Government buses on a contract basis, fell within the exempted category permitted by the RBI circular during demonetization. The Tribunal found the deposit amount, representing only about 5% of the total turnover, not indicative of undisclosed income, especially as the AO estimated the income at 2.25%. Consequently, the addition was deemed unsustainable, and the appeal of the assessee was allowed. en-us Fri, 04 Nov 2022 00:00:00 +0530 Mon, 21 Nov 2022 09:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430516 The Tribunal ruled in favor of the assessee, deleting the addition of specified bank notes deposited in the bank account. The assessee, engaged in plying Government buses on a contract basis, fell within the exempted category permitted by the RBI circular during demonetization. The Tribunal found the deposit amount, representing only about 5% of the total turnover, not indicative of undisclosed income, especially as the AO estimated the income at 2.25%. Consequently, the addition was deemed unsustainable, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430516