https://www.taxtmi.com/caselaws?id=307198 The appeal challenging the enhancement of income due to cash deposits was dismissed, affirming the decision to treat all cash deposits in RCC Bank as undisclosed income. However, the appeal for the set-off of share trading losses against other business income was successful, allowing the losses to be offset as non-speculative losses. The penalty under Section 271B for failure to audit accounts was overturned, as it was deemed that the appropriate penalty should have been under Section 271A for not maintaining proper books of accounts. en-us Thu, 15 Feb 2018 00:00:00 +0530 Sun, 26 Mar 2023 10:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307198 The appeal challenging the enhancement of income due to cash deposits was dismissed, affirming the decision to treat all cash deposits in RCC Bank as undisclosed income. However, the appeal for the set-off of share trading losses against other business income was successful, allowing the losses to be offset as non-speculative losses. The penalty under Section 271B for failure to audit accounts was overturned, as it was deemed that the appropriate penalty should have been under Section 271A for not maintaining proper books of accounts. Case-Laws Income Tax Thu, 15 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307198