https://www.taxtmi.com/caselaws?id=471072 Recorded cash sales supported by purchase invoices, stock records, payment details, VAT disclosures and supplier confirmations explain demonetisation-period bank deposits; absent proof that the underlying purchases or sales were bogus, the deposits cannot be treated as unexplained cash credits. General investigation material alleging that suppliers provide accommodation entries does not disprove transaction-specific purchases where contemporaneous records, corresponding sales and supplier confirmations remain unrebutted. Adverse third-party statements cannot support additions when requested cross-examination is denied. Once purchases are accepted as genuine, estimating a profit element on those purchases lacks a legal basis. The business transactions and resulting cash balance therefore eliminate both additions. en-us Tue, 01 Apr 2025 00:00:00 +0530 Wed, 19 Aug 2026 18:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471072 Recorded cash sales supported by purchase invoices, stock records, payment details, VAT disclosures and supplier confirmations explain demonetisation-period bank deposits; absent proof that the underlying purchases or sales were bogus, the deposits cannot be treated as unexplained cash credits. General investigation material alleging that suppliers provide accommodation entries does not disprove transaction-specific purchases where contemporaneous records, corresponding sales and supplier confirmations remain unrebutted. Adverse third-party statements cannot support additions when requested cross-examination is denied. Once purchases are accepted as genuine, estimating a profit element on those purchases lacks a legal basis. The business transactions and resulting cash balance therefore eliminate both additions. Case-Laws Income Tax Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471072