https://www.taxtmi.com/caselaws?id=409661 A reassessment based on bank deposits could not be sustained where the Assessing Officer adopted an inconsistent approach and failed to properly consider the material produced by the assessee. The assessee had claimed that the deposits were commission-linked receipts from multilevel marketing activity, but the income was later estimated at 8% of the deposits without adequate appreciation of the record. The assessment was therefore set aside and remitted for fresh examination in accordance with law, with liberty to consider comparable cases from the same line of business and after giving the assessee due opportunity. en-us Thu, 01 Jul 2021 00:00:00 +0530 Wed, 14 Jul 2021 06:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409661 A reassessment based on bank deposits could not be sustained where the Assessing Officer adopted an inconsistent approach and failed to properly consider the material produced by the assessee. The assessee had claimed that the deposits were commission-linked receipts from multilevel marketing activity, but the income was later estimated at 8% of the deposits without adequate appreciation of the record. The assessment was therefore set aside and remitted for fresh examination in accordance with law, with liberty to consider comparable cases from the same line of business and after giving the assessee due opportunity. Case-Laws Income Tax Thu, 01 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409661