https://www.taxtmi.com/caselaws?id=796508 Cash payments towards credit-card dues were explained by frequent bank withdrawals and income returned from contract business under presumptive taxation. Where cash availability throughout the year is established and no specific mismatch or alternative use of withdrawn funds is shown, a direct date-wise correlation between each withdrawal and payment is unnecessary. Acceptance of presumptive business income also prevents rejection of the explanation that bank credits and withdrawals arose from that business, as taxing payments sourced from already taxed receipts would cause double taxation. The addition for unexplained money under Section 69A was deleted. en-us Tue, 21 Jul 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796508 Cash payments towards credit-card dues were explained by frequent bank withdrawals and income returned from contract business under presumptive taxation. Where cash availability throughout the year is established and no specific mismatch or alternative use of withdrawn funds is shown, a direct date-wise correlation between each withdrawal and payment is unnecessary. Acceptance of presumptive business income also prevents rejection of the explanation that bank credits and withdrawals arose from that business, as taxing payments sourced from already taxed receipts would cause double taxation. The addition for unexplained money under Section 69A was deleted. Case-Laws Income Tax Tue, 21 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796508