https://www.taxtmi.com/caselaws?id=756341 Cash deposits during the demonetisation period were treated as explained business receipts where the assessee's cash-based , monthly sales pattern and VAT turnover supported the cash nexus, so the addition under section 69A was not sustained. However, in the absence of books of account and any reliable evidence showing a lower margin, estimation of profit at 8% of turnover under section 44AD was held justified and was maintained. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 01 Aug 2024 08:32:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756341 Cash deposits during the demonetisation period were treated as explained business receipts where the assessee's cash-based , monthly sales pattern and VAT turnover supported the cash nexus, so the addition under section 69A was not sustained. However, in the absence of books of account and any reliable evidence showing a lower margin, estimation of profit at 8% of turnover under section 44AD was held justified and was maintained. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756341