https://www.taxtmi.com/caselaws?id=765429 The Tribunal concluded that the addition of Rs. 711,000 as unexplained money under Section 69A of the Income Tax Act was unjustified. It directed the Assessing Officer (AO) to apply an 8% net profit rate to the entire bank deposits, including those made during the demonetization period, treating them as part of the business income. The Tribunal found the Commissioner of Income Tax (Appeals)'s order lacking in clarity and adherence to natural justice principles, warranting a partial allowance of the appeal. The appeal was partly allowed, providing relief to the assessee. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765429 The Tribunal concluded that the addition of Rs. 711,000 as unexplained money under Section 69A of the Income Tax Act was unjustified. It directed the Assessing Officer (AO) to apply an 8% net profit rate to the entire bank deposits, including those made during the demonetization period, treating them as part of the business income. The Tribunal found the Commissioner of Income Tax (Appeals)'s order lacking in clarity and adherence to natural justice principles, warranting a partial allowance of the appeal. The appeal was partly allowed, providing relief to the assessee. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765429