https://www.taxtmi.com/caselaws?id=385125 The ITAT partly allowed the appeal of the assessee by directing the AO to apply a net profit rate of 5% on the cash deposits of Rs. 8,70,000, resulting in no additional income beyond the returned income. The ITAT found the addition made by the AO unjustified and dismissed the remaining grounds as not pressed. The CIT(A)'s direction for penalty under section 271(1)(c) was not specifically addressed, but the overall decision favored the assessee on substantive grounds. en-us Fri, 22 Mar 2019 00:00:00 +0530 Thu, 29 Aug 2019 09:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385125 The ITAT partly allowed the appeal of the assessee by directing the AO to apply a net profit rate of 5% on the cash deposits of Rs. 8,70,000, resulting in no additional income beyond the returned income. The ITAT found the addition made by the AO unjustified and dismissed the remaining grounds as not pressed. The CIT(A)'s direction for penalty under section 271(1)(c) was not specifically addressed, but the overall decision favored the assessee on substantive grounds. Case-Laws Income Tax Fri, 22 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385125