https://www.taxtmi.com/caselaws?id=472527 Cash deposits made by an authorised fair-price-shop dealer during demonetisation were directly linked to public distribution system sales. Goods were purchased from the State Civil Supplies Corporation, sold to eligible customers, and the sale proceeds were deposited in the bank account for further purchases. The deposits therefore constituted business receipts rather than unexplained money. Taxable business income was to be estimated on a presumptive basis at 8% of the deposits, after reducing income already offered. en-us Mon, 21 Apr 2025 00:00:00 +0530 Wed, 14 Oct 2026 18:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472527 Cash deposits made by an authorised fair-price-shop dealer during demonetisation were directly linked to public distribution system sales. Goods were purchased from the State Civil Supplies Corporation, sold to eligible customers, and the sale proceeds were deposited in the bank account for further purchases. The deposits therefore constituted business receipts rather than unexplained money. Taxable business income was to be estimated on a presumptive basis at 8% of the deposits, after reducing income already offered. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472527