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2015 (9) TMI 1501 - ITAT HYDERABADUnexplained deposits made in bank account with ICICI Bank - unexplained business receipts of the assessee - Held that:- It is no doubt true that the assessee has been changing his version as to the source of the amounts deposited into his SB Account with ICICI Bank. However, it is evident from the nature of the transactions, with transactions taking place several times on the same day, and deposits made in cash from different locations at the same time, that as correctly held by the CIT(A) in the impugned order, they represent the business receipts of the assessee. That being so, in the absence of proper books or complete details of receipts maintained by the assessee, it is only a reasonable fraction of such receipts which could be brought to tax as the income of the assessee. As against a rate of 8% suggested by the assessee, the CIT(A) has estimated such income of the assessee against the business receipts at 20%, which we find to be quite reasonable. In this view of the matter, we find no merit in the grounds raised by the Revenue in this appeal. We accordingly uphold the order of the CIT(A) and reject the grounds of the revenue in this appeal.
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