https://www.taxtmi.com/caselaws?id=447442 ITAT Visakhapatnam ruled on unexplained cash purchases under Section 69A. Revenue contended that unaccounted purchases should be treated as unexplained cash income due to inadequate source explanation. ITAT held that entire unaccounted purchases cannot be deemed assessee's income; only profit element should be considered. Tribunal allowed 8% of sales as taxable income instead of treating full purchase amount as unexplained cash. AO directed to compute income and tax accordingly. en-us Fri, 22 Dec 2023 00:00:00 +0530 Tue, 26 Dec 2023 08:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447442 ITAT Visakhapatnam ruled on unexplained cash purchases under Section 69A. Revenue contended that unaccounted purchases should be treated as unexplained cash income due to inadequate source explanation. ITAT held that entire unaccounted purchases cannot be deemed assessee's income; only profit element should be considered. Tribunal allowed 8% of sales as taxable income instead of treating full purchase amount as unexplained cash. AO directed to compute income and tax accordingly. Case-Laws Income Tax Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447442