https://www.taxtmi.com/caselaws?id=430951 The Tribunal ruled that only 8% of the cash deposits made by the assessee should be taxed as income from the construction business under section 44Ad, partially allowing the appeals. The decision emphasized the assessee's burden to prove the source of cash deposits, particularly in cases of unrecorded turnover, and highlighted the importance of providing satisfactory explanations for such deposits in the context of business receipts. The judgment clarified the distinction between taxing unexplained cash deposits under section 69A and applying the presumptive tax rate under section 44Ad, underscoring the need for a clear connection between cash deposits and business activities for favorable tax treatment. en-us Mon, 28 Nov 2022 00:00:00 +0530 Thu, 01 Dec 2022 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430951 The Tribunal ruled that only 8% of the cash deposits made by the assessee should be taxed as income from the construction business under section 44Ad, partially allowing the appeals. The decision emphasized the assessee's burden to prove the source of cash deposits, particularly in cases of unrecorded turnover, and highlighted the importance of providing satisfactory explanations for such deposits in the context of business receipts. The judgment clarified the distinction between taxing unexplained cash deposits under section 69A and applying the presumptive tax rate under section 44Ad, underscoring the need for a clear connection between cash deposits and business activities for favorable tax treatment. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430951