https://www.taxtmi.com/caselaws?id=758614 The ITAT Mumbai addressed cash deposits treated as unexplained money under Section 69A for a taxpayer engaged in retail ladies garments business. The taxpayer argued deposits were from opening balance, recovery, and declared income. The ITAT held that since the taxpayer filed returns on presumptive basis without documentary evidence, cash deposits could reasonably be from unaccounted business sales not disclosed. Following precedent, the ITAT directed the AO to restrict the addition to 8% of the Section 69A addition. The taxpayer's appeal was partly allowed. en-us Wed, 28 Aug 2024 00:00:00 +0530 Tue, 17 Sep 2024 08:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758614 The ITAT Mumbai addressed cash deposits treated as unexplained money under Section 69A for a taxpayer engaged in retail ladies garments business. The taxpayer argued deposits were from opening balance, recovery, and declared income. The ITAT held that since the taxpayer filed returns on presumptive basis without documentary evidence, cash deposits could reasonably be from unaccounted business sales not disclosed. Following precedent, the ITAT directed the AO to restrict the addition to 8% of the Section 69A addition. The taxpayer's appeal was partly allowed. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758614