https://www.taxtmi.com/caselaws?id=361234 The Tribunal remitted the estimation of profit on disclosed sales back to the CIT(A) for a fair hearing, finding the AO's 2.5% profit estimate unjustified and the CIT(A)'s subsequent increase to 5.88% unwarranted. Regarding the treatment of additional turnover from bank deposits, the Tribunal directed the CIT(A) to re-examine the issue after providing the assessee a fair opportunity to present evidence, criticizing the lack of justification for the AO's estimate and the CIT(A)'s enhancement. The Tribunal also found the CIT(A)'s enhancement of income based on undisclosed turnover unjustified and remitted the matter back for proper examination. Lastly, the Tribunal ruled in favor of the assessee regarding the charging of interest under sections 234A and 234B, following a High Court decision that interest should be levied on the total income declared in the return. en-us Wed, 30 May 2018 00:00:00 +0530 Sat, 02 Jun 2018 12:58:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361234 The Tribunal remitted the estimation of profit on disclosed sales back to the CIT(A) for a fair hearing, finding the AO's 2.5% profit estimate unjustified and the CIT(A)'s subsequent increase to 5.88% unwarranted. Regarding the treatment of additional turnover from bank deposits, the Tribunal directed the CIT(A) to re-examine the issue after providing the assessee a fair opportunity to present evidence, criticizing the lack of justification for the AO's estimate and the CIT(A)'s enhancement. The Tribunal also found the CIT(A)'s enhancement of income based on undisclosed turnover unjustified and remitted the matter back for proper examination. Lastly, the Tribunal ruled in favor of the assessee regarding the charging of interest under sections 234A and 234B, following a High Court decision that interest should be levied on the total income declared in the return. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361234