https://www.taxtmi.com/caselaws?id=258659 The ITAT upheld the CIT(A)'s decision to reject the books of accounts due to undisclosed bank accounts and unrecorded transactions. The estimated net profit rate was reduced to 5% from 12.5%, resulting in a revised addition. Undisclosed bank deposits were adjusted after considering related expenses. Unexplained loan repayments and credit card payments were added as unexplained expenditures. The working capital requirement was calculated for the Thane shop. The total addition upheld was Rs. 19,95,196/-, with the ITAT dismissing the Revenue's appeal and confirming the CIT(A)'s order. en-us Tue, 31 Mar 2015 00:00:00 +0530 Fri, 17 Apr 2015 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258659 The ITAT upheld the CIT(A)'s decision to reject the books of accounts due to undisclosed bank accounts and unrecorded transactions. The estimated net profit rate was reduced to 5% from 12.5%, resulting in a revised addition. Undisclosed bank deposits were adjusted after considering related expenses. Unexplained loan repayments and credit card payments were added as unexplained expenditures. The working capital requirement was calculated for the Thane shop. The total addition upheld was Rs. 19,95,196/-, with the ITAT dismissing the Revenue's appeal and confirming the CIT(A)'s order. Case-Laws Income Tax Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258659