https://www.taxtmi.com/caselaws?id=465626 Unaccounted turnover was to be estimated at the assessee's consistently disclosed 8% net profit rate, not at a higher gross margin, because the same benchmark was reflected in earlier returns and supported by admission and surrounding material; the addition was therefore reduced accordingly. Cash deposits made during the demonetization period, when explained as proceeds of recorded cash sales and unsupported by contrary material, could not be treated as unexplained money; the related addition was deleted. The document applies a profit-estimation approach based on consistent past disclosure and rejects unexplained-money treatment for duly explained cash deposits. en-us Tue, 28 Jun 2022 00:00:00 +0530 Sat, 03 Jan 2026 08:03:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465626 Unaccounted turnover was to be estimated at the assessee's consistently disclosed 8% net profit rate, not at a higher gross margin, because the same benchmark was reflected in earlier returns and supported by admission and surrounding material; the addition was therefore reduced accordingly. Cash deposits made during the demonetization period, when explained as proceeds of recorded cash sales and unsupported by contrary material, could not be treated as unexplained money; the related addition was deleted. The document applies a profit-estimation approach based on consistent past disclosure and rejects unexplained-money treatment for duly explained cash deposits. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465626