https://www.taxtmi.com/caselaws?id=446528 ITAT Rajkot upheld CIT(A)'s estimation of 7.5% profit on sale of demolished building materials (imlo) worth Rs. 6.5 crores, finding the assessee failed to maintain proper books or provide documentary evidence. The tribunal dismissed addition for household expenses citing double taxation concerns since estimated profit was sufficient to cover such expenses. Unexplained bank deposits addition was confirmed due to lack of supporting documentation. Addition for car purchase was deleted as tribunal found sufficient tax-paid income from previous years available for the purchase after adjusting household expenses. en-us Wed, 29 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 08:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446528 ITAT Rajkot upheld CIT(A)'s estimation of 7.5% profit on sale of demolished building materials (imlo) worth Rs. 6.5 crores, finding the assessee failed to maintain proper books or provide documentary evidence. The tribunal dismissed addition for household expenses citing double taxation concerns since estimated profit was sufficient to cover such expenses. Unexplained bank deposits addition was confirmed due to lack of supporting documentation. Addition for car purchase was deleted as tribunal found sufficient tax-paid income from previous years available for the purchase after adjusting household expenses. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446528