https://www.taxtmi.com/caselaws?id=435081 The Tribunal allowed the appeal against the order of the CIT(A) concerning the reopening of the assessment under section 147 of the Income Tax Act, 1961. The Tribunal emphasized the principle of consistency, noting that the department had previously accepted similar cash deposits in earlier years. It directed the Assessing Officer to apply an 8% net profit rate on the total milk sale amount of Rs.18,80,000, in accordance with section 44AD of the Act, thereby overturning the addition made to the appellant's income. en-us Thu, 23 Feb 2023 00:00:00 +0530 Wed, 31 Jan 2024 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435081 The Tribunal allowed the appeal against the order of the CIT(A) concerning the reopening of the assessment under section 147 of the Income Tax Act, 1961. The Tribunal emphasized the principle of consistency, noting that the department had previously accepted similar cash deposits in earlier years. It directed the Assessing Officer to apply an 8% net profit rate on the total milk sale amount of Rs.18,80,000, in accordance with section 44AD of the Act, thereby overturning the addition made to the appellant's income. Case-Laws Income Tax Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435081