https://www.taxtmi.com/caselaws?id=764513 ITAT Cuttack allowed the assessee's appeal partially regarding cash deposits during demonetization and income estimation. The tribunal deleted the addition under Section 69A for unexplained cash credit, finding that bank deposits were from business sales proceeds with established source. However, it upheld rejection of books under Section 145(3) due to lack of supporting documentation. The tribunal reduced the estimated profit rate from 6% to 3% of declared turnover of Rs. 5,16,06,634, considering the higher rate excessive. The addition for unexplained cash credit was completely deleted as deposits were satisfactorily explained as business receipts. en-us Thu, 09 Jan 2025 00:00:00 +0530 Sat, 11 Jan 2025 08:46:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764513 ITAT Cuttack allowed the assessee's appeal partially regarding cash deposits during demonetization and income estimation. The tribunal deleted the addition under Section 69A for unexplained cash credit, finding that bank deposits were from business sales proceeds with established source. However, it upheld rejection of books under Section 145(3) due to lack of supporting documentation. The tribunal reduced the estimated profit rate from 6% to 3% of declared turnover of Rs. 5,16,06,634, considering the higher rate excessive. The addition for unexplained cash credit was completely deleted as deposits were satisfactorily explained as business receipts. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764513