https://www.taxtmi.com/caselaws?id=471032 Cash deposits during the demonetisation period cannot be treated wholly as unexplained money under Section 69A where records support their source as business receipts. Deposits in the same bank account had been accepted as business-sourced outside the demonetisation period, while VAT returns and a business licence substantiated the existence and turnover of a proprietary seeds and fertilisers business. As no income-tax return had been filed, taxable income from the disclosed turnover was determined under the presumptive taxation framework in Section 44AD at 8% of turnover. The addition was consequently restricted to estimated net profit rather than the full deposits. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 18 Aug 2026 21:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471032 Cash deposits during the demonetisation period cannot be treated wholly as unexplained money under Section 69A where records support their source as business receipts. Deposits in the same bank account had been accepted as business-sourced outside the demonetisation period, while VAT returns and a business licence substantiated the existence and turnover of a proprietary seeds and fertilisers business. As no income-tax return had been filed, taxable income from the disclosed turnover was determined under the presumptive taxation framework in Section 44AD at 8% of turnover. The addition was consequently restricted to estimated net profit rather than the full deposits. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471032