https://www.taxtmi.com/caselaws?id=791747 Cash deposits made during the demonetisation period were not liable to be treated as unexplained income under section 69A where VAT returns, bank statements and cash flow material showed that the deposits formed part of regular business receipts and the record contained no contrary evidence. For an assessee eligible for presumptive taxation, income had to be computed on the total turnover under section 44AD rather than by estimating profit on isolated cash deposits, as partial attribution would duplicate the same receipts. Chapter VI-A deduction for LIC premium could be allowed subject to proof of payment and verification. The assessment was therefore modified accordingly. en-us Mon, 11 May 2026 00:00:00 +0530 Sat, 16 May 2026 09:09:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791747 Cash deposits made during the demonetisation period were not liable to be treated as unexplained income under section 69A where VAT returns, bank statements and cash flow material showed that the deposits formed part of regular business receipts and the record contained no contrary evidence. For an assessee eligible for presumptive taxation, income had to be computed on the total turnover under section 44AD rather than by estimating profit on isolated cash deposits, as partial attribution would duplicate the same receipts. Chapter VI-A deduction for LIC premium could be allowed subject to proof of payment and verification. The assessment was therefore modified accordingly. Case-Laws Income Tax Mon, 11 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791747