The ITAT Chennai considered a case involving a Best Judgment...

The ITAT Chennai considered a case involving a Best Judgment Assessment conducted u/s. 144 due to the assessee's failure to file a return within the specified time u/s. 142(1). The AO treated the return as 'invalid' and proceeded with the assessment. The intimation u/s. 143(1) by CPC, Bangalore did not regularize the return, as the AO explicitly deemed it invalid. The assessment without a notice u/s. 143(2) was upheld as valid. Regarding cash deposits during demonetization, the assessee failed to provide sufficient explanation, leading to confirmation of the addition. Profit rate determination at 8% on total turnover was upheld due to lack of evidence or explanation. The appeal on these issues was dismissed.

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