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2020 (1) TMI 474 - AT - Income TaxUn-explained cash credit u/s. 68 - assessee had contended that the assessee has no other source of income other than Kirana business and therefore the unexplained deposits may also be treated as receipts from Kirana business and only the profit element from such turnover be brought to tax - HELD THAT:- Assessee has not established that the deposits are out of business transactions, but the peak cash credit added by the AO and confirmed by the CIT(A) also cannot be upheld because the assessee had declared the gross turnover of ₹ 30,00,000/- which is also part of the cash deposits. Therefore, the peak credit worked out by the AO could be a receipt from business transactions also. In view of these peculiar facts and circumstances of the case, direct the AO to treat all the unexplained cash credits also as the business turnover of the assessee and estimate the income thereon at the same rate at which the disclosed income is brought to tax. - Decided in favour of assessee.
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