Case Law Analysis
|Income Tax Appellate Tribunal
Section 69A Income Tax Act | Unexplained Bank Deposits Cannot Be Taxed Without Set-Off for Verified Purchase Expenses : ITAT Pune
ITAT Pune rules that taxing entire bank deposits as unexplained income under Section 69A without allowing set-off for verified purchase expenses violates natural justice. The Tribunal mandates a reasonable profit estimation based on turnover, ensuring fair assessment for taxpayers.