https://www.taxtmi.com/caselaws?id=753811 ITAT Visakhapatnam upheld CIT(A)'s direction to estimate gross profit at 6% of turnover from bank deposits. The assessee failed to provide documentary evidence proving that all credits were not turnover, despite claiming a variation of Rs. 63,27,044. Without books of account, bills, or vouchers to substantiate cash deposits, the tribunal found no infirmity in reducing the AO's original 8% estimation to 6%. The assessee's appeal was dismissed. en-us Fri, 31 May 2024 00:00:00 +0530 Tue, 11 Jun 2024 07:57:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753811 ITAT Visakhapatnam upheld CIT(A)'s direction to estimate gross profit at 6% of turnover from bank deposits. The assessee failed to provide documentary evidence proving that all credits were not turnover, despite claiming a variation of Rs. 63,27,044. Without books of account, bills, or vouchers to substantiate cash deposits, the tribunal found no infirmity in reducing the AO's original 8% estimation to 6%. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753811