https://www.taxtmi.com/caselaws?id=241386 The Tribunal upheld the validity of the notice issued under section 148 of the Income Tax Act, 1961, due to substantial unexplained bank deposits. It confirmed the rejection of books of account under section 145(3) as the entries were unverifiable. The Tribunal reinstated the income estimation at 0.5% of gross receipts, rejecting the lower rate applied by the CIT(A). The Tribunal directed the Assessing Officer to compute interest under section 234B as per statutory provisions. The Tribunal dismissed the assessee's appeals and upheld the Revenue's actions, emphasizing the importance of transparency in financial transactions. en-us Fri, 08 Mar 2013 00:00:00 +0530 Mon, 23 Dec 2013 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241386 The Tribunal upheld the validity of the notice issued under section 148 of the Income Tax Act, 1961, due to substantial unexplained bank deposits. It confirmed the rejection of books of account under section 145(3) as the entries were unverifiable. The Tribunal reinstated the income estimation at 0.5% of gross receipts, rejecting the lower rate applied by the CIT(A). The Tribunal directed the Assessing Officer to compute interest under section 234B as per statutory provisions. The Tribunal dismissed the assessee's appeals and upheld the Revenue's actions, emphasizing the importance of transparency in financial transactions. Case-Laws Income Tax Fri, 08 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241386