https://www.taxtmi.com/caselaws?id=753303 ITAT Chennai upheld a best judgment assessment under section 144 for assessment year 2017-18. The assessee failed to file return under section 139(1) and subsequently filed return 10 months after the deadline specified in section 142(1) notice. The AO treated the belated return as invalid and completed ex-parte assessment. ITAT held that non-issuance of notice under section 143(2) was not fatal as the return was validly treated as invalid. The tribunal confirmed additions relating to unexplained cash deposits of demonetized notes during the demonetization period and profit determination at 8% on total business turnover due to lack of explanation or evidence from the assessee. en-us Wed, 10 Jan 2024 00:00:00 +0530 Thu, 30 May 2024 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753303 ITAT Chennai upheld a best judgment assessment under section 144 for assessment year 2017-18. The assessee failed to file return under section 139(1) and subsequently filed return 10 months after the deadline specified in section 142(1) notice. The AO treated the belated return as invalid and completed ex-parte assessment. ITAT held that non-issuance of notice under section 143(2) was not fatal as the return was validly treated as invalid. The tribunal confirmed additions relating to unexplained cash deposits of demonetized notes during the demonetization period and profit determination at 8% on total business turnover due to lack of explanation or evidence from the assessee. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753303