https://www.taxtmi.com/caselaws?id=470855 Assessment based on aggregate bank credits requires verification against books of account and supporting evidence, particularly where the books were seized and unavailable during assessment. Treating every credit as income may also result in double taxation where funds received are placed in short-term fixed deposits and taxed again on maturity without considering repayment of the principal. The appellate authority did not address these objections. Fresh assessment was required to examine the books, bills, vouchers and other evidence, determine the correct taxable income, and provide a reasonable opportunity of hearing. en-us Mon, 09 Aug 2021 00:00:00 +0530 Tue, 11 Aug 2026 16:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470855 Assessment based on aggregate bank credits requires verification against books of account and supporting evidence, particularly where the books were seized and unavailable during assessment. Treating every credit as income may also result in double taxation where funds received are placed in short-term fixed deposits and taxed again on maturity without considering repayment of the principal. The appellate authority did not address these objections. Fresh assessment was required to examine the books, bills, vouchers and other evidence, determine the correct taxable income, and provide a reasonable opportunity of hearing. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470855