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HomeDirect TaxBank Deposits Can’t Be Treated as Unexplained Income When Linked to Business...

Bank Deposits Can’t Be Treated as Unexplained Income When Linked to Business Turnover; Profit Estimation Must Follow Past History: ITAT

Direct Tax

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By Mariya Paliwala
Bank Deposits Can’t Be Treated as Unexplained Income When Linked to Business Turnover; Profit Estimation Must Follow Past History: ITAT

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The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has held that bank deposits cannot be treated as unexplained income under Section 69A of the Income Tax Act where they are reasonably attributable to business turnover. The Tribunal further emphasized that estimation of profit must be based on past records and cannot be done…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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