Cash Deposits in Medical Store Bank Account Not Taxable U/s 69A as Such- ITAT Holds Only Profit Element Can Be Assessed

Asif Imran Iftakhar Ahmed Vs ITO (ITAT Pune) Cash Deposits in Medical Store Bank Account Not Taxable U/s 69A as Such- ITAT Holds Only Profit Element Can Be Assessed The Pune ITAT held that where bank transactions are demonstrably linked to a running business, the entire cash deposits cannot be treated as unexplained money under section 69A. In such cases, only the profit element embedded in the business receipts can be brought to tax. The assessee, engaged in the business of purchase and sale of medicines, had not filed a return of income for AY 2012-13. Based on information regarding cash dep...