https://www.taxtmi.com/highlights?id=83571 The Appellate Tribunal rendered the following decision: The assessee, engaged in textile and grey business with a turnover exceeding Rs. 1 crore, made cash deposits during the demonetization period. Considering the business nature and inability to substantiate the entire source, 20% of the total cash deposit was treated as unexplained income, taxable at normal rates, while the remaining 80% was deleted. Regarding sundry creditors addition, the Tribunal directed deletion due to lack of verification by lower authorities despite the assessee providing account confirmations and sample purchase bills. The 10% ad hoc disallowance of expenses was upheld as the assessee did not offer income u/s 44AD, and the disallowance ratio was reasonable considering the nature of expenses. en-us Mon, 02 Dec 2024 08:53:19 +0530 Mon, 02 Dec 2024 08:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83571 The Appellate Tribunal rendered the following decision: The assessee, engaged in textile and grey business with a turnover exceeding Rs. 1 crore, made cash deposits during the demonetization period. Considering the business nature and inability to substantiate the entire source, 20% of the total cash deposit was treated as unexplained income, taxable at normal rates, while the remaining 80% was deleted. Regarding sundry creditors addition, the Tribunal directed deletion due to lack of verification by lower authorities despite the assessee providing account confirmations and sample purchase bills. The 10% ad hoc disallowance of expenses was upheld as the assessee did not offer income u/s 44AD, and the disallowance ratio was reasonable considering the nature of expenses. Highlights Income Tax Mon, 02 Dec 2024 08:53:19 +0530 https://www.taxtmi.com/highlights?id=83571