https://www.taxtmi.com/caselaws?id=471132 Where liquor-business receipts are accepted and profit is estimated from established business outflows, a separate addition for bank cash deposits attributable to the same business creates impermissible duplication and should be deleted. Profit estimation at 3% of evidenced business outflows was treated as justified where no return, books of account, or supporting evidence substantiated the claimed business loss. Payments for shop allotment and liquor purchases could therefore form the basis for determining business outflows and estimating taxable profit. Only the estimated business profit remains chargeable; a separate cash-deposit addition cannot coexist with that estimation. en-us Wed, 02 Apr 2025 00:00:00 +0530 Fri, 21 Aug 2026 20:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471132 Where liquor-business receipts are accepted and profit is estimated from established business outflows, a separate addition for bank cash deposits attributable to the same business creates impermissible duplication and should be deleted. Profit estimation at 3% of evidenced business outflows was treated as justified where no return, books of account, or supporting evidence substantiated the claimed business loss. Payments for shop allotment and liquor purchases could therefore form the basis for determining business outflows and estimating taxable profit. Only the estimated business profit remains chargeable; a separate cash-deposit addition cannot coexist with that estimation. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471132