https://www.taxtmi.com/caselaws?id=431101 The Appellate Tribunal partially allowed the appeal filed by the assessee, challenging the assessment order for the year 2011-12. The Tribunal directed the Assessing Officer to adopt a 50% effective interest rate on cash deposits, resulting in sustaining Rs. 56,54,792 as income and granting relief of Rs. 1,60,94,408 to the assessee. This decision revised the earlier assessment, finding the Commissioner's estimation of the effective interest rate to be on the higher side. The Tribunal's ruling provided detailed analysis and relief to the assessee in Chennai on 18th November 2022. en-us Fri, 18 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431101 The Appellate Tribunal partially allowed the appeal filed by the assessee, challenging the assessment order for the year 2011-12. The Tribunal directed the Assessing Officer to adopt a 50% effective interest rate on cash deposits, resulting in sustaining Rs. 56,54,792 as income and granting relief of Rs. 1,60,94,408 to the assessee. This decision revised the earlier assessment, finding the Commissioner's estimation of the effective interest rate to be on the higher side. The Tribunal's ruling provided detailed analysis and relief to the assessee in Chennai on 18th November 2022. Case-Laws Income Tax Fri, 18 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431101