https://www.taxtmi.com/caselaws?id=790308 Bank credits backed by statements and discounting charges may be treated as turnover from cheque discounting activity, with commission income and estimated profit assessed accordingly, rather than mechanically taxed as unexplained cash credits under section 68. Where surrounding material shows the assessee was engaged in cheque discounting, the credits can be linked to a business pattern and the Revenue's attempt to sustain additions as unexplained cash credits may fail. The appellate view that the credits were business receipts with estimated income was supported by the record, leaving the Revenue's challenge without merit. en-us Tue, 07 Apr 2026 00:00:00 +0530 Wed, 22 Apr 2026 14:10:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790308 Bank credits backed by statements and discounting charges may be treated as turnover from cheque discounting activity, with commission income and estimated profit assessed accordingly, rather than mechanically taxed as unexplained cash credits under section 68. Where surrounding material shows the assessee was engaged in cheque discounting, the credits can be linked to a business pattern and the Revenue's attempt to sustain additions as unexplained cash credits may fail. The appellate view that the credits were business receipts with estimated income was supported by the record, leaving the Revenue's challenge without merit. Case-Laws Income Tax Tue, 07 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790308