https://www.taxtmi.com/caselaws?id=753399 ITAT Jodhpur upheld CIT(A)'s decision to admit additional evidence under Rule 46A of IT Rules and delete additions made by AO regarding unexplained cash deposits under Section 69A. The appellant claimed deposits were sale proceeds from bullion trading business earning 1% commission. CIT(A) correctly applied net profit rate of 1.2% on total deposits instead of treating entire amount as income. ITAT found CIT(A)'s approach judicious and reasonable, rejecting both department's objection to additional evidence admission and assessee's appeal against NP rate application. en-us Thu, 11 Jan 2024 00:00:00 +0530 Sat, 01 Jun 2024 08:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753399 ITAT Jodhpur upheld CIT(A)'s decision to admit additional evidence under Rule 46A of IT Rules and delete additions made by AO regarding unexplained cash deposits under Section 69A. The appellant claimed deposits were sale proceeds from bullion trading business earning 1% commission. CIT(A) correctly applied net profit rate of 1.2% on total deposits instead of treating entire amount as income. ITAT found CIT(A)'s approach judicious and reasonable, rejecting both department's objection to additional evidence admission and assessee's appeal against NP rate application. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753399