https://www.taxtmi.com/caselaws?id=439860 The Tribunal upheld the initiation of proceedings under Section 147 of the Income Tax Act, 1961, due to substantial cash deposits by the assessee. The CIT(A) directed taxing only the profit element embedded in the deposits, following legal precedents. The appeal was partly allowed, with 10% of the total deposits being taxed, while other grounds were dismissed as general. en-us Fri, 30 Jun 2023 00:00:00 +0530 Tue, 04 Jul 2023 08:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439860 The Tribunal upheld the initiation of proceedings under Section 147 of the Income Tax Act, 1961, due to substantial cash deposits by the assessee. The CIT(A) directed taxing only the profit element embedded in the deposits, following legal precedents. The appeal was partly allowed, with 10% of the total deposits being taxed, while other grounds were dismissed as general. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439860