https://www.taxtmi.com/caselaws?id=782522 ITAT held that the assessee's status as a fruit dealer was genuine, noting the affidavit, confirmations from other dealers, and the AO's own acceptance of the fruit business in a later reassessment for AY 2016-17. Once the business was accepted, all deposits in the bank account, both cash and cheques totaling Rs. 1,29,16,984/-, were treated as gross receipts from fruit trading rather than unexplained cash credits under s.68. In the absence of books, ITAT directed the AO to compute income by applying an 8% net profit rate on these gross receipts. Interest on the savings bank account was to be assessed as "income from other sources" with deduction u/s 80TTA allowed. en-us Mon, 24 Nov 2025 00:00:00 +0530 Mon, 01 Dec 2025 08:50:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782522 ITAT held that the assessee's status as a fruit dealer was genuine, noting the affidavit, confirmations from other dealers, and the AO's own acceptance of the fruit business in a later reassessment for AY 2016-17. Once the business was accepted, all deposits in the bank account, both cash and cheques totaling Rs. 1,29,16,984/-, were treated as gross receipts from fruit trading rather than unexplained cash credits under s.68. In the absence of books, ITAT directed the AO to compute income by applying an 8% net profit rate on these gross receipts. Interest on the savings bank account was to be assessed as "income from other sources" with deduction u/s 80TTA allowed. Case-Laws Income Tax Mon, 24 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782522