https://www.taxtmi.com/caselaws?id=469507 A capital account discrepancy was examined against the assessee's year-wise returns, books and reconciliation statements. The Tribunal accepted that the difference was largely explained because business income had been offered under presumptive taxation in earlier years and under the regular scheme in the relevant year, with profession and business capital accounts combined. However, the reconciliation did not cover a transfer of capital from the business account to the profession account, creating an unadjusted amount treated as unexplained investment. The addition was deleted for the reconciled balance and sustained only for the unadjusted portion. en-us Fri, 07 Mar 2025 00:00:00 +0530 Fri, 19 Jun 2026 19:55:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469507 A capital account discrepancy was examined against the assessee's year-wise returns, books and reconciliation statements. The Tribunal accepted that the difference was largely explained because business income had been offered under presumptive taxation in earlier years and under the regular scheme in the relevant year, with profession and business capital accounts combined. However, the reconciliation did not cover a transfer of capital from the business account to the profession account, creating an unadjusted amount treated as unexplained investment. The addition was deleted for the reconciled balance and sustained only for the unadjusted portion. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469507