https://www.taxtmi.com/caselaws?id=787371 Estimation of undisclosed income by applying arbitrary percentage rates to turnover was held unsustainable where no tangible cash-receipt evidence or demonstrable defect in books existed, and such additions were deleted. Disallowance of indirect expenses and depreciation was rejected where transactions were recorded in audited books and payments passed through banking channels, so business expenses and depreciation remained allowable. Additions treating unsecured loans as unexplained cash credits were deleted after consideration of lender identity, creditworthiness, bank routing, repayments and ledger evidence showing genuineness. en-us Fri, 27 Feb 2026 00:00:00 +0530 Tue, 03 Mar 2026 08:42:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787371 Estimation of undisclosed income by applying arbitrary percentage rates to turnover was held unsustainable where no tangible cash-receipt evidence or demonstrable defect in books existed, and such additions were deleted. Disallowance of indirect expenses and depreciation was rejected where transactions were recorded in audited books and payments passed through banking channels, so business expenses and depreciation remained allowable. Additions treating unsecured loans as unexplained cash credits were deleted after consideration of lender identity, creditworthiness, bank routing, repayments and ledger evidence showing genuineness. Case-Laws Income Tax Fri, 27 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787371