https://www.taxtmi.com/caselaws?id=469037 Cash deposits during the demonetisation period were linked to recorded business activity, supported by business records, stock register and cash book, so the entire deposit could not be treated as unexplained income. In the absence of incriminating material showing that the full amount represented undisclosed income, and where the search statement was not corroborated by independent enquiry into the affidavits and stock records, the appropriate course was to estimate income by applying a net profit rate. Only the profit element embedded in the sales was taxable, and the balance addition was deleted. en-us Fri, 28 Mar 2025 00:00:00 +0530 Sat, 30 May 2026 14:01:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469037 Cash deposits during the demonetisation period were linked to recorded business activity, supported by business records, stock register and cash book, so the entire deposit could not be treated as unexplained income. In the absence of incriminating material showing that the full amount represented undisclosed income, and where the search statement was not corroborated by independent enquiry into the affidavits and stock records, the appropriate course was to estimate income by applying a net profit rate. Only the profit element embedded in the sales was taxable, and the balance addition was deleted. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469037