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2014 (1) TMI 798 - ITAT HYDERABADDisclosure of sale proceeds deposited in bank account – Held that:- No material was found during search to suggest that the impugned receipts are from any other source, then it is natural to infer that the assessee had deposited business receipts only into the Bank A/c - There is no clear evidence to suggest that the assessee deposited the amounts into the account of Andhra Bank from any sources other than business receipts - The assessee's only plea since beginning is that the deposits in the Andhra Bank A/c. represent sale proceeds of the assessee - Unless and until the Department locates any particular source of income, it has to be treated as business receipt of the assessee - The entries found in the Bank A/c. may be assessed as business profit or as income from other sources, as the case may be - There is no rule that the amount credited to the Bank A/c. must be taken as income from other sources - It always depends upon the evidence and explanation furnished by the assessee - It is appropriate to estimate the income at the same rate of net profit as applied to the undisclosed turnover of the assessee i.e., at 15% instead of 100% as considered by the AO – Decided in favour of assessee.
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