2020 (11) TMI 558 - ITAT HYDERABAD - Income Tax

Head Note / Extract:
Undisclosed cash deposited in the bank account - HELD THAT:- Cash deposited in the bank account of the assessee can be safe presumed to be from the sale proceeds of the firm. Revenue has also shown laxity by not obtaining the statement from the UTI bank with respect to the transactions made by the assessee. In this situation, it will not be fair to treat the entire cash deposits as the unaccounted income of the assessee as it can be reasonably construed to represent as the undisclosed turnover of the firm in which the assessee is a partner. Addition of 17% on the undisclosed turnover of the firm of ₹ 12,83,408/- can be treated as the unaccounted income earned by the assessee to meet the end of justice. Hereby sustain the addition as the unaccounted income of the assessee.