https://www.taxtmi.com/caselaws?id=310505 The Tribunal partially allowed the Assessee's appeal, ruling that only the peak amount of Rs. 1,50,097 from cash deposits should be treated as income, rather than the entire sum. The Assessee, a LIC Agent, regularly deposited and withdrew cash for business purposes, which justified this treatment. The Tribunal directed the assessing officer to re-compute the taxable income based on this peak amount, acknowledging the Assessee's business activities and transactions. This decision modified the initial addition under section 69A of the Income Tax Act, 1961, which had treated all cash deposits as unexplained income. en-us Tue, 16 Oct 2018 00:00:00 +0530 Sat, 28 Oct 2023 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310505 The Tribunal partially allowed the Assessee's appeal, ruling that only the peak amount of Rs. 1,50,097 from cash deposits should be treated as income, rather than the entire sum. The Assessee, a LIC Agent, regularly deposited and withdrew cash for business purposes, which justified this treatment. The Tribunal directed the assessing officer to re-compute the taxable income based on this peak amount, acknowledging the Assessee's business activities and transactions. This decision modified the initial addition under section 69A of the Income Tax Act, 1961, which had treated all cash deposits as unexplained income. Case-Laws Income Tax Tue, 16 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310505