https://www.taxtmi.com/caselaws?id=776695 ITAT Chennai held that the entire cash deposits in the assessee's bank account, linked to the mosquito net business, could not be treated as unexplained income under section 69A. The assessee's records, including purchase and sales registers and bank statements, demonstrated the deposits were business-related. However, due to the absence of proper books of account, the Tribunal applied an average net profit rate of 12% on the cash deposits for the relevant year, based on prior years' data, to determine a fair income. Consequently, the addition of all deposits as unexplained income was set aside, and only a part addition based on the estimated profit was confirmed. en-us Tue, 07 Jan 2025 00:00:00 +0530 Sat, 16 Aug 2025 10:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776695 ITAT Chennai held that the entire cash deposits in the assessee's bank account, linked to the mosquito net business, could not be treated as unexplained income under section 69A. The assessee's records, including purchase and sales registers and bank statements, demonstrated the deposits were business-related. However, due to the absence of proper books of account, the Tribunal applied an average net profit rate of 12% on the cash deposits for the relevant year, based on prior years' data, to determine a fair income. Consequently, the addition of all deposits as unexplained income was set aside, and only a part addition based on the estimated profit was confirmed. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776695