https://www.taxtmi.com/caselaws?id=757836 Bank deposits shown to arise from business operations could not be taxed as the entire unexplained amount under section 69A; only the income element from the receipts and any limited unexplained balance could be brought to tax. After repeated remands and verification of bank accounts, supplier ledgers and turnover, the appellate authority excluded inter-bank contra entries, separated business receipts from unexplained deposits, and estimated profit on the disclosed turnover. The Tribunal upheld that exercise, finding no denial of opportunity and no arbitrariness in the estimate, and sustained the partial relief granted to the assessee while rejecting the Revenue's attempt to tax the full deposits. en-us Thu, 01 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757836 Bank deposits shown to arise from business operations could not be taxed as the entire unexplained amount under section 69A; only the income element from the receipts and any limited unexplained balance could be brought to tax. After repeated remands and verification of bank accounts, supplier ledgers and turnover, the appellate authority excluded inter-bank contra entries, separated business receipts from unexplained deposits, and estimated profit on the disclosed turnover. The Tribunal upheld that exercise, finding no denial of opportunity and no arbitrariness in the estimate, and sustained the partial relief granted to the assessee while rejecting the Revenue's attempt to tax the full deposits. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757836