https://www.taxtmi.com/caselaws?id=771206 Cash deposits in the assessee's bank accounts were not treated in full as unexplained income where the record indicated a seed trading licence and the deposits appeared linked to an agricultural input business. The assessment, made on best judgment under sections 144 and 147 because supporting material was not produced during assessment and first appeal, was found too broad on the available facts. The Tribunal held that only estimated business income could be brought to tax and adopted 8% of the cash deposits as a reasonable estimate for both years, giving the assessee partial relief and directing recomputation on that basis. en-us Fri, 28 Mar 2025 00:00:00 +0530 Thu, 22 May 2025 08:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771206 Cash deposits in the assessee's bank accounts were not treated in full as unexplained income where the record indicated a seed trading licence and the deposits appeared linked to an agricultural input business. The assessment, made on best judgment under sections 144 and 147 because supporting material was not produced during assessment and first appeal, was found too broad on the available facts. The Tribunal held that only estimated business income could be brought to tax and adopted 8% of the cash deposits as a reasonable estimate for both years, giving the assessee partial relief and directing recomputation on that basis. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771206