https://www.taxtmi.com/caselaws?id=784274 Whether cash deposits in a cooperative bank account were unexplained cash credits under s.68 was determined by treating the deposits as turnover from the assessee's grain-trading business. Since the deposits were held to represent business receipts rather than unexplained credits, the s.68 addition was deleted, and only business income was directed to be assessed by estimating net profit at 8% on the deposited amount. The Revenue's contention regarding s.44AB audit requirement did not warrant interference with this approach. The Tribunal found no infirmity in the appellate order and dismissed the Revenue's appeal. en-us Fri, 22 Aug 2025 00:00:00 +0530 Thu, 01 Jan 2026 08:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784274 Whether cash deposits in a cooperative bank account were unexplained cash credits under s.68 was determined by treating the deposits as turnover from the assessee's grain-trading business. Since the deposits were held to represent business receipts rather than unexplained credits, the s.68 addition was deleted, and only business income was directed to be assessed by estimating net profit at 8% on the deposited amount. The Revenue's contention regarding s.44AB audit requirement did not warrant interference with this approach. The Tribunal found no infirmity in the appellate order and dismissed the Revenue's appeal. Case-Laws Income Tax Fri, 22 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784274