https://www.taxtmi.com/caselaws?id=470402 Cash deposits during demonetisation that are prima facie supported by disclosed VAT turnover, regular banking patterns and corresponding business transfers should not be treated as unexplained money without material showing a source other than sales proceeds; bank deposits and transfers require verification. Where total turnover is disclosed in VAT returns and bank accounts, only the profit element is assessable. Gross-profit estimation is appropriate for separately detected unaccounted turnover, not accepted recorded turnover. Income should instead be estimated using the preceding year's net-profit rate or the average net-profit rate of the preceding three years. en-us Thu, 20 Mar 2025 00:00:00 +0530 Sat, 25 Jul 2026 15:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470402 Cash deposits during demonetisation that are prima facie supported by disclosed VAT turnover, regular banking patterns and corresponding business transfers should not be treated as unexplained money without material showing a source other than sales proceeds; bank deposits and transfers require verification. Where total turnover is disclosed in VAT returns and bank accounts, only the profit element is assessable. Gross-profit estimation is appropriate for separately detected unaccounted turnover, not accepted recorded turnover. Income should instead be estimated using the preceding year's net-profit rate or the average net-profit rate of the preceding three years. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470402