https://www.taxtmi.com/caselaws?id=789195 Cash deposits of specified bank notes during demonetisation may be assessed as unexplained money under section 69A where the assessee fails to produce audited books, bills, vouchers, or other corroborative evidence establishing the source and nature of the deposits. Agricultural income, however, cannot be varied on a conjectural or ad hoc basis when the agricultural source itself is accepted; the declared amount was directed to be accepted without variation for the year. Rejection of books under section 145(3) was justified due to non-production of primary records and audit inconsistencies, but profit estimation must remain fact-based and reasonable, not ad hoc; the 10% estimate was reduced to 8%. en-us Wed, 01 Apr 2026 00:00:00 +0530 Sat, 04 Apr 2026 08:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789195 Cash deposits of specified bank notes during demonetisation may be assessed as unexplained money under section 69A where the assessee fails to produce audited books, bills, vouchers, or other corroborative evidence establishing the source and nature of the deposits. Agricultural income, however, cannot be varied on a conjectural or ad hoc basis when the agricultural source itself is accepted; the declared amount was directed to be accepted without variation for the year. Rejection of books under section 145(3) was justified due to non-production of primary records and audit inconsistencies, but profit estimation must remain fact-based and reasonable, not ad hoc; the 10% estimate was reduced to 8%. Case-Laws Income Tax Wed, 01 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789195