https://www.taxtmi.com/caselaws?id=757657 The Tribunal partially allowed the appellant's appeal, reducing the addition of unexplained cash deposits from Rs. 32,00,000 to Rs. 2,56,000. The Tribunal determined that the cash deposits were from unaccounted sales in the appellant's retail business, applying an 8% net profit rate. Consequently, the income was classified as business income, not subject to taxation under sections 69A and 115BBE of the Income Tax Act, 1961. The Tribunal rejected the appellant's claims regarding the source of cash deposits, including trade receipts and past savings, due to insufficient evidence. The presumptive taxation scheme under section 44AD was deemed inapplicable. en-us Fri, 28 Jun 2024 00:00:00 +0530 Fri, 30 Aug 2024 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757657 The Tribunal partially allowed the appellant's appeal, reducing the addition of unexplained cash deposits from Rs. 32,00,000 to Rs. 2,56,000. The Tribunal determined that the cash deposits were from unaccounted sales in the appellant's retail business, applying an 8% net profit rate. Consequently, the income was classified as business income, not subject to taxation under sections 69A and 115BBE of the Income Tax Act, 1961. The Tribunal rejected the appellant's claims regarding the source of cash deposits, including trade receipts and past savings, due to insufficient evidence. The presumptive taxation scheme under section 44AD was deemed inapplicable. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757657