Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
ITAT partly allowed assessee's appeal. Rejected books of accounts u/s 145(3) but accepted sales of Rs. 1.24 crores based on bills and vouchers filed. Estimated net profit at 5% of sales. Cash deposits of Rs. 57.25 lacs during demonetization period accepted as explained money, remaining treated as unexplained u/s 69A. Addition restricted to 5% of gross profit. Overall, assessee's appeal partly allowed.
ITAT partly allowed assessee's appeal. Rejected books of accounts u/s 145(3) but accepted sales of Rs. 1.24 crores based on bills and vouchers filed. Estimated net profit at 5% of sales. Cash deposits of Rs. 57.25 lacs during demonetization period accepted as explained money, remaining treated as unexplained u/s 69A. Addition restricted to 5% of gross profit. Overall, assessee's appeal partly allowed.
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