https://www.taxtmi.com/caselaws?id=759993 The ITAT overturned the CIT(A)'s decision, accepting the assessee's explanation that cash deposits were business receipts under section 44AD of the Income Tax Act, 1961. The Tribunal found no evidence contradicting the business nature of the deposits and emphasized the importance of substantiating income sources in tax assessments. en-us Wed, 09 Oct 2024 00:00:00 +0530 Mon, 14 Oct 2024 08:43:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759993 The ITAT overturned the CIT(A)'s decision, accepting the assessee's explanation that cash deposits were business receipts under section 44AD of the Income Tax Act, 1961. The Tribunal found no evidence contradicting the business nature of the deposits and emphasized the importance of substantiating income sources in tax assessments. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759993