https://www.taxtmi.com/caselaws?id=776098 Cash deposits in the bank account of a transporter engaged as a fleet owner of four commercial vehicles were treated as business receipts rather than unexplained income, because the assessee fell within the presumptive assessment scheme under section 44AE. On that factual footing, the deposits were not viewed as a separate unexplained source warranting addition in the assessed income. The addition was therefore set aside, and the matter was to be given consequential effect in accordance with law on the basis that the assessee is covered by the presumptive regime. en-us Thu, 02 Jan 2025 00:00:00 +0530 Tue, 05 Aug 2025 07:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776098 Cash deposits in the bank account of a transporter engaged as a fleet owner of four commercial vehicles were treated as business receipts rather than unexplained income, because the assessee fell within the presumptive assessment scheme under section 44AE. On that factual footing, the deposits were not viewed as a separate unexplained source warranting addition in the assessed income. The addition was therefore set aside, and the matter was to be given consequential effect in accordance with law on the basis that the assessee is covered by the presumptive regime. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776098