https://www.taxtmi.com/caselaws?id=309040 The ITAT reduced the estimated trading income from Rs. 35,000 to Rs. 25,000 due to lack of maintained books of account. The ITAT deleted the addition of Rs. 33,500 as undisclosed income from cash deposits in the bank, finding the explanations satisfactory. However, the ITAT upheld the addition of Rs. 35,000 as unexplained income related to an initial investment, as the assessee failed to substantiate certain receipts. The ITAT partially allowed the assessee's appeal, agreeing with the authorities' analysis of the receipts and upholding the addition of unproven amounts. en-us Tue, 01 Jun 2004 00:00:00 +0530 Tue, 08 Aug 2023 15:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309040 The ITAT reduced the estimated trading income from Rs. 35,000 to Rs. 25,000 due to lack of maintained books of account. The ITAT deleted the addition of Rs. 33,500 as undisclosed income from cash deposits in the bank, finding the explanations satisfactory. However, the ITAT upheld the addition of Rs. 35,000 as unexplained income related to an initial investment, as the assessee failed to substantiate certain receipts. The ITAT partially allowed the assessee's appeal, agreeing with the authorities' analysis of the receipts and upholding the addition of unproven amounts. Case-Laws Income Tax Tue, 01 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309040