https://www.taxtmi.com/caselaws?id=215049 The Tribunal upheld the Commissioner's order reducing the addition made by the Assessing Officer under section 69 of the Income Tax Act. The Tribunal sustained a partial addition by estimating profit at 10% of the bank deposits, considering them as undisclosed business deposits. The delay in filing the appeal was condoned due to valid reasons. Both the assessee and the revenue challenged the order, but the Tribunal dismissed their appeals, affirming the Commissioner's decision. The Tribunal found the estimation of profit at 10% to be appropriate given the nature of the business activities involved. en-us Fri, 25 May 2012 00:00:00 +0530 Mon, 23 Jul 2012 08:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215049 The Tribunal upheld the Commissioner's order reducing the addition made by the Assessing Officer under section 69 of the Income Tax Act. The Tribunal sustained a partial addition by estimating profit at 10% of the bank deposits, considering them as undisclosed business deposits. The delay in filing the appeal was condoned due to valid reasons. Both the assessee and the revenue challenged the order, but the Tribunal dismissed their appeals, affirming the Commissioner's decision. The Tribunal found the estimation of profit at 10% to be appropriate given the nature of the business activities involved. Case-Laws Income Tax Fri, 25 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215049