https://www.taxtmi.com/caselaws?id=310504 ITAT Surat ruled on unexplained cash deposits of Rs.16.06 lakhs in assessee's bank account. The assessee claimed Rs.7.42 lakhs turnover under section 44AD, seeking set-off against deposits. ITAT found deposits concentrated in December 2010-January 2011, unrelated to business sales. Addition restricted to peak credit balance of Rs.3.51 lakhs instead of full deposit amount. Income reclassified from "other sources" to "business income" since shown at 20% of turnover. Set-off claim for interest income rejected as it represented separate business income category. en-us Thu, 12 Jul 2018 00:00:00 +0530 Sat, 28 Oct 2023 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310504 ITAT Surat ruled on unexplained cash deposits of Rs.16.06 lakhs in assessee's bank account. The assessee claimed Rs.7.42 lakhs turnover under section 44AD, seeking set-off against deposits. ITAT found deposits concentrated in December 2010-January 2011, unrelated to business sales. Addition restricted to peak credit balance of Rs.3.51 lakhs instead of full deposit amount. Income reclassified from "other sources" to "business income" since shown at 20% of turnover. Set-off claim for interest income rejected as it represented separate business income category. Case-Laws Income Tax Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310504