https://www.taxtmi.com/caselaws?id=795061 Estimated business income at a 2% net-profit rate on disclosed hardware-trading turnover was considered justified where books and supporting evidence were not produced, with credit required for income already returned because the estimate substitutes declared business income. Cash deposits treated as part of that disclosed turnover cannot be separately assessed as unexplained money under section 69A, since only the embedded profit is taxable. A separate addition of the gross deposits would result in double taxation. Taxable income is therefore computed on the estimated turnover basis after adjustment for returned income, without a separate addition for turnover-linked cash deposits. en-us Wed, 10 Jun 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795061 Estimated business income at a 2% net-profit rate on disclosed hardware-trading turnover was considered justified where books and supporting evidence were not produced, with credit required for income already returned because the estimate substitutes declared business income. Cash deposits treated as part of that disclosed turnover cannot be separately assessed as unexplained money under section 69A, since only the embedded profit is taxable. A separate addition of the gross deposits would result in double taxation. Taxable income is therefore computed on the estimated turnover basis after adjustment for returned income, without a separate addition for turnover-linked cash deposits. Case-Laws Income Tax Wed, 10 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795061