https://www.taxtmi.com/caselaws?id=340178 The ITAT Hyderabad partially allowed the appeal, condoning the delay in filing due to payment issues. The income was estimated based on bank transactions and unaccounted deposits, treating them as 'unaccounted income.' The profit margin was fixed at 5% on stock cost despite the assessee's arguments for a lower estimation. The treatment of cash deposits involved verifying peak credit amounts and necessitated reassessment if needed, stressing the significance of accurate record-keeping for income determination. en-us Fri, 10 Mar 2017 00:00:00 +0530 Fri, 17 Mar 2017 11:17:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340178 The ITAT Hyderabad partially allowed the appeal, condoning the delay in filing due to payment issues. The income was estimated based on bank transactions and unaccounted deposits, treating them as 'unaccounted income.' The profit margin was fixed at 5% on stock cost despite the assessee's arguments for a lower estimation. The treatment of cash deposits involved verifying peak credit amounts and necessitated reassessment if needed, stressing the significance of accurate record-keeping for income determination. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340178