https://www.taxtmi.com/caselaws?id=61455 The Tribunal allowed the appeal for the assessment year 1988-89, ruling in favor of the assessee. The addition of Rs. 1,50,000 on account of deposits in the bank account and purchase of a car was deleted as the Tribunal found the funds were adequately explained by contract work and sale proceeds. Additionally, the income estimation from trucks was adjusted to Rs. 20,000 per truck based on the nature of the business and past assessments, resolving the issue related to truck income. The Tribunal directed a reconsideration of the interest levy issue, partially allowing the appeal based on the detailed analysis of each raised issue. en-us Tue, 30 May 1995 00:00:00 +0530 Wed, 12 Jan 2011 16:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61455 The Tribunal allowed the appeal for the assessment year 1988-89, ruling in favor of the assessee. The addition of Rs. 1,50,000 on account of deposits in the bank account and purchase of a car was deleted as the Tribunal found the funds were adequately explained by contract work and sale proceeds. Additionally, the income estimation from trucks was adjusted to Rs. 20,000 per truck based on the nature of the business and past assessments, resolving the issue related to truck income. The Tribunal directed a reconsideration of the interest levy issue, partially allowing the appeal based on the detailed analysis of each raised issue. Case-Laws Income Tax Tue, 30 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61455