https://www.taxtmi.com/caselaws?id=305425 Cash deposits routed through cheque discounting transactions were treated as undisclosed income, but the estimation had to be based on the surrounding circumstances and the material placed on record. The Tribunal accepted the existence of the transactions, found the first appellate authority's 42% estimate excessive, and reduced the rate to 26% of gross cash deposits. The addition was sustained only to that extent, with partial relief granted and the balance, including any peak credit claim, allowed. en-us Fri, 18 Nov 2011 00:00:00 +0530 Sat, 03 Dec 2022 13:19:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305425 Cash deposits routed through cheque discounting transactions were treated as undisclosed income, but the estimation had to be based on the surrounding circumstances and the material placed on record. The Tribunal accepted the existence of the transactions, found the first appellate authority's 42% estimate excessive, and reduced the rate to 26% of gross cash deposits. The addition was sustained only to that extent, with partial relief granted and the balance, including any peak credit claim, allowed. Case-Laws Income Tax Fri, 18 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305425