https://www.taxtmi.com/caselaws?id=446346 The ITAT Bangalore held that the AO incorrectly applied section 69A to treat reported sales as unexplained money after accepting the business income calculated on total turnover. The assessee, a gold and silver trader, had cash seized by police, which was claimed as personal savings and loans. The AO found minor defects in sales bills but accepted the books of accounts and business income. The tribunal ruled that once the AO accepted the returned income based on total turnover, the same turnover cannot be treated as unexplained money under section 69A without rejecting the books of accounts. en-us Tue, 28 Nov 2023 00:00:00 +0530 Thu, 30 Nov 2023 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446346 The ITAT Bangalore held that the AO incorrectly applied section 69A to treat reported sales as unexplained money after accepting the business income calculated on total turnover. The assessee, a gold and silver trader, had cash seized by police, which was claimed as personal savings and loans. The AO found minor defects in sales bills but accepted the books of accounts and business income. The tribunal ruled that once the AO accepted the returned income based on total turnover, the same turnover cannot be treated as unexplained money under section 69A without rejecting the books of accounts. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446346