https://www.taxtmi.com/caselaws?id=468581 Cash deposits linked to alleged unrecorded sales cannot be taxed in full where the business maintained regular books and disclosed turnover. The Tribunal applied the principle that, if sales are treated as unrecorded, only the profit element embedded in those sales is taxable because corresponding purchases would also be present. As the supporting details were incomplete, it estimated net profit at 4% on the alleged cash sales and restricted the addition to that profit element, deleting the balance addition. en-us Mon, 03 Feb 2025 00:00:00 +0530 Wed, 13 May 2026 21:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468581 Cash deposits linked to alleged unrecorded sales cannot be taxed in full where the business maintained regular books and disclosed turnover. The Tribunal applied the principle that, if sales are treated as unrecorded, only the profit element embedded in those sales is taxable because corresponding purchases would also be present. As the supporting details were incomplete, it estimated net profit at 4% on the alleged cash sales and restricted the addition to that profit element, deleting the balance addition. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468581