Entire Sales Receipts Cannot Be Taxed Under Section 69A: ITAT Bangalore

Advertisement Mulloly Mahesh Vs ITO (ITAT Bangalore) Bangalore ITAT Converts Section 69A Addition into Estimated Business Income; Entire Sales Receipts Cannot Be Taxed The Bangalore ITAT in Shri Mulloly Mahesh v. ITO held that where bank deposits represented sales proceeds received from customers, the entire credits could not be treated as unexplained money under section 69A. Instead, only the profit element embedded in such receipts could be brought to tax. The assessee, a partner in tyre businesses, explained that customers directly deposited sale proceeds into his bank account. The amoun...