https://www.taxtmi.com/caselaws?id=773206 The Tribunal partly allowed the assessee's appeal regarding income tax assessment during demonetization period. The addition of Rs. 38,65,500/- under section 69A for cash deposited in Specified Bank Notes was deleted to avoid double taxation, as this amount was already considered part of business income. The Tribunal held that total bank credits cannot automatically constitute business turnover without excluding non-turnover entries. It directed recalculation of business income by applying 4% net profit rate on Rs. 5,80,47,151/- (total credits minus Rs. 35,45,416/- non-turnover credits) instead of the AO's 8% rate on total credits, recognizing the low profit margins in wholesale trading business. en-us Mon, 16 Jun 2025 00:00:00 +0530 Thu, 19 Jun 2025 08:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773206 The Tribunal partly allowed the assessee's appeal regarding income tax assessment during demonetization period. The addition of Rs. 38,65,500/- under section 69A for cash deposited in Specified Bank Notes was deleted to avoid double taxation, as this amount was already considered part of business income. The Tribunal held that total bank credits cannot automatically constitute business turnover without excluding non-turnover entries. It directed recalculation of business income by applying 4% net profit rate on Rs. 5,80,47,151/- (total credits minus Rs. 35,45,416/- non-turnover credits) instead of the AO's 8% rate on total credits, recognizing the low profit margins in wholesale trading business. Case-Laws Income Tax Mon, 16 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773206