https://www.taxtmi.com/caselaws?id=772610 ITAT Rajkot held that cash deposits in bank account from family-owned retail fruit and flower business represented turnover, not unexplained income. The tribunal ruled that only profit element should be taxed, not entire turnover as done by AO. Since assessee was small retailer not maintaining books, provisions of section 44AD applied. Tribunal estimated reasonable profit at 5% of total turnover deposited in bank account. Addition directed to be taxed at normal income tax rates rather than under section 115BBE. en-us Mon, 09 Jun 2025 00:00:00 +0530 Wed, 11 Jun 2025 08:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772610 ITAT Rajkot held that cash deposits in bank account from family-owned retail fruit and flower business represented turnover, not unexplained income. The tribunal ruled that only profit element should be taxed, not entire turnover as done by AO. Since assessee was small retailer not maintaining books, provisions of section 44AD applied. Tribunal estimated reasonable profit at 5% of total turnover deposited in bank account. Addition directed to be taxed at normal income tax rates rather than under section 115BBE. Case-Laws Income Tax Mon, 09 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772610