https://www.taxtmi.com/caselaws?id=776996 ITAT held that where books were rejected and large cash sales were disclosed, only the profit element of those sales (not entire turnover) could be taxed; on the facts a 2% profit on plastic-bag cash sales was estimated and treated as business income. The tribunal also allowed interest deductions on short-term advances between business associates as made for commercial expediency, disallowing no interest. Additions under relevant provisions were thus confined to estimated profit rather than full sales value. en-us Tue, 19 Aug 2025 00:00:00 +0530 Fri, 22 Aug 2025 08:33:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776996 ITAT held that where books were rejected and large cash sales were disclosed, only the profit element of those sales (not entire turnover) could be taxed; on the facts a 2% profit on plastic-bag cash sales was estimated and treated as business income. The tribunal also allowed interest deductions on short-term advances between business associates as made for commercial expediency, disallowing no interest. Additions under relevant provisions were thus confined to estimated profit rather than full sales value. Case-Laws Income Tax Tue, 19 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776996