https://www.taxtmi.com/caselaws?id=787800 Unexplained bank deposits may not be taxed wholly as unexplained credits where deposits relate to trading transactions supported by invoices, party confirmations and bank payment records; the assessing authority must allow set off of verifiable purchases against deposits, and may admit additional corroborative evidence going to the root of the transactions. If an estimate is required, the tribunal directed applying a reasonable profit percentage to established sales rather than taxing entire deposits; here profit was fixed at 10% of relevant sales/deposits, reducing the addition and remitting computation to the assessing officer. en-us Mon, 09 Mar 2026 00:00:00 +0530 Wed, 11 Mar 2026 14:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787800 Unexplained bank deposits may not be taxed wholly as unexplained credits where deposits relate to trading transactions supported by invoices, party confirmations and bank payment records; the assessing authority must allow set off of verifiable purchases against deposits, and may admit additional corroborative evidence going to the root of the transactions. If an estimate is required, the tribunal directed applying a reasonable profit percentage to established sales rather than taxing entire deposits; here profit was fixed at 10% of relevant sales/deposits, reducing the addition and remitting computation to the assessing officer. Case-Laws Income Tax Mon, 09 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787800