https://www.taxtmi.com/caselaws?id=760964 ITAT (Nagpur) allowed the appeal, holding bank deposits were business receipts from distribution of SIM cards and vouchers to retail shops and not unexplained cash under s.69A. The Tribunal quashed the addition of Rs.1,53,31,937, directed AO to assess estimated profit at 1% (Rs.1,53,311) on transactions of Rs.1,53,31,060, giving relief of Rs.1,51,77,749. Interest under ss.234A, 234B and 234C was deleted as taxable income fell below the basic exemption limit. Matter remitted for recomputation accordingly. en-us Tue, 22 Oct 2024 00:00:00 +0530 Mon, 18 Aug 2025 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760964 ITAT (Nagpur) allowed the appeal, holding bank deposits were business receipts from distribution of SIM cards and vouchers to retail shops and not unexplained cash under s.69A. The Tribunal quashed the addition of Rs.1,53,31,937, directed AO to assess estimated profit at 1% (Rs.1,53,311) on transactions of Rs.1,53,31,060, giving relief of Rs.1,51,77,749. Interest under ss.234A, 234B and 234C was deleted as taxable income fell below the basic exemption limit. Matter remitted for recomputation accordingly. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760964