https://www.taxtmi.com/caselaws?id=794614 Where business turnover is accepted, cash deposits forming part of that turnover cannot be separately taxed as unexplained money under section 69A merely because they were made during the demonetisation period, and the addition was deleted. The assessment record also contained a prima facie incorrect factual observation that the return had been filed in response to section 148 despite no such notice being issued, which was decided for the assessee. The rejection of books was sustained, but the 5% net profit estimate lacked a comparative basis and was reduced to 2.5% on the basis of past results and the nature of the business. en-us Wed, 01 Jul 2026 00:00:00 +0530 Wed, 08 Jul 2026 09:08:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794614 Where business turnover is accepted, cash deposits forming part of that turnover cannot be separately taxed as unexplained money under section 69A merely because they were made during the demonetisation period, and the addition was deleted. The assessment record also contained a prima facie incorrect factual observation that the return had been filed in response to section 148 despite no such notice being issued, which was decided for the assessee. The rejection of books was sustained, but the 5% net profit estimate lacked a comparative basis and was reduced to 2.5% on the basis of past results and the nature of the business. Case-Laws Income Tax Wed, 01 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794614