https://www.taxtmi.com/caselaws?id=466615 ITAT held that cash deposits of Rs.11,10,000 made during the demonetisation period were shown to relate to business receipts and must be treated as such; accordingly the Tribunal directed application of a 12% net profit rate on the combined turnover of Rs.1,11,06,887 to determine business income. The Tribunal disagreed with the Commissioner (Appeals) to the extent the deposits were treated as unexplained non business income and allowed the appeal for statistical purposes. The ruling establishes that demonstrated demonetisation period deposits can be integrated into turnover and taxed by applying an appropriate net profit rate. en-us Wed, 26 Feb 2025 00:00:00 +0530 Fri, 13 Feb 2026 19:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466615 ITAT held that cash deposits of Rs.11,10,000 made during the demonetisation period were shown to relate to business receipts and must be treated as such; accordingly the Tribunal directed application of a 12% net profit rate on the combined turnover of Rs.1,11,06,887 to determine business income. The Tribunal disagreed with the Commissioner (Appeals) to the extent the deposits were treated as unexplained non business income and allowed the appeal for statistical purposes. The ruling establishes that demonstrated demonetisation period deposits can be integrated into turnover and taxed by applying an appropriate net profit rate. Case-Laws Income Tax Wed, 26 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466615