https://www.taxtmi.com/caselaws?id=795334 Continuous deposits and withdrawals in an account with a cooperative credit society were treated as business transactions rather than unexplained money in their entirety. In the absence of material linking the gross deposits to corresponding investments, assets, or lavish expenditure, taxing the full deposits was not justified. Following the Tribunal's approach for similar accounts, estimated business income was computed at 2% of deposits, as the profit disclosed in the regular return was lower. The balance addition beyond that estimated profit was deleted. en-us Thu, 18 Jun 2026 00:00:00 +0530 Tue, 21 Jul 2026 08:32:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795334 Continuous deposits and withdrawals in an account with a cooperative credit society were treated as business transactions rather than unexplained money in their entirety. In the absence of material linking the gross deposits to corresponding investments, assets, or lavish expenditure, taxing the full deposits was not justified. Following the Tribunal's approach for similar accounts, estimated business income was computed at 2% of deposits, as the profit disclosed in the regular return was lower. The balance addition beyond that estimated profit was deleted. Case-Laws Income Tax Thu, 18 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795334