https://www.taxtmi.com/caselaws?id=765098 ITAT Mumbai held that unexplained credit entries in assessee's bank account cannot be treated entirely as income when corresponding withdrawals and transfers exist. Despite assessee's unsubstantiated claim of fraudulent account opening by deceased third party, tribunal found that without considering withdrawals and cheque transfers, entire deposits cannot be added as income. ITAT applied net profit rate of 1% on total deposits instead of treating full amount as undisclosed income. Assessee's appeal was partly allowed with addition sustained only to extent of 1% net profit rate. en-us Thu, 07 Nov 2024 00:00:00 +0530 Sat, 25 Jan 2025 08:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765098 ITAT Mumbai held that unexplained credit entries in assessee's bank account cannot be treated entirely as income when corresponding withdrawals and transfers exist. Despite assessee's unsubstantiated claim of fraudulent account opening by deceased third party, tribunal found that without considering withdrawals and cheque transfers, entire deposits cannot be added as income. ITAT applied net profit rate of 1% on total deposits instead of treating full amount as undisclosed income. Assessee's appeal was partly allowed with addition sustained only to extent of 1% net profit rate. Case-Laws Income Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765098