https://www.taxtmi.com/forum/issue?id=1634 Assessment officer applied a net profit rate after rejecting books and made separate additions under section 68 for cash bank deposits. The controlling enquiry is whether the applied profit rate, after adjusting for changes in current assets and liabilities, explains the cash generation used for deposits, and whether the persons credited meet tests of identity, creditworthiness and capacity to pay. Conflicting appellate outcomes reflect fact finding; where a tribunal misreads records, a rectification petition may be pursued. en-us Thu, 03 Dec 2009 11:00:59 +0530 Thu, 23 Jan 2025 15:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1634 Assessment officer applied a net profit rate after rejecting books and made separate additions under section 68 for cash bank deposits. The controlling enquiry is whether the applied profit rate, after adjusting for changes in current assets and liabilities, explains the cash generation used for deposits, and whether the persons credited meet tests of identity, creditworthiness and capacity to pay. Conflicting appellate outcomes reflect fact finding; where a tribunal misreads records, a rectification petition may be pursued. Discussion-Forum Income Tax Thu, 03 Dec 2009 11:00:59 +0530 https://www.taxtmi.com/forum/issue?id=1634