https://www.taxtmi.com/caselaws?id=399308 The Tribunal ruled in favor of the assessee, finding the AO's addition on account of turnover unjustified. The Tribunal noted the AO failed to adequately investigate the explanations provided by the assessee regarding the source of deposits, leading to the deletion of the addition. As the turnover issue was resolved in favor of the assessee, the Tribunal deemed the AO's application of the NP rate at 8% irrelevant. Consequently, the appeal was allowed, and the order was pronounced on 11/08/2020. en-us Tue, 11 Aug 2020 00:00:00 +0530 Wed, 07 Oct 2020 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399308 The Tribunal ruled in favor of the assessee, finding the AO's addition on account of turnover unjustified. The Tribunal noted the AO failed to adequately investigate the explanations provided by the assessee regarding the source of deposits, leading to the deletion of the addition. As the turnover issue was resolved in favor of the assessee, the Tribunal deemed the AO's application of the NP rate at 8% irrelevant. Consequently, the appeal was allowed, and the order was pronounced on 11/08/2020. Case-Laws Income Tax Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399308