https://www.taxtmi.com/caselaws?id=755615 ITAT Chennai ruled on business income assessment dispute where assessee declared sales of Rs. 19.05 lacs while AO determined Rs. 41.53 lacs. Tribunal confirmed additional income estimation of Rs. 1.66 lacs but deleted separate addition of Rs. 18.55 lacs as already considered in business income computation. Opening stock addition of Rs. 2.42 lacs was deleted. For cash deposits from peer-to-peer trading arbitrage activities, Tribunal directed AO to estimate 3% profit rate on Rs. 15.63 lacs deposits instead of full addition, treating it as business income taxable at normal rates. en-us Wed, 10 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 08:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755615 ITAT Chennai ruled on business income assessment dispute where assessee declared sales of Rs. 19.05 lacs while AO determined Rs. 41.53 lacs. Tribunal confirmed additional income estimation of Rs. 1.66 lacs but deleted separate addition of Rs. 18.55 lacs as already considered in business income computation. Opening stock addition of Rs. 2.42 lacs was deleted. For cash deposits from peer-to-peer trading arbitrage activities, Tribunal directed AO to estimate 3% profit rate on Rs. 15.63 lacs deposits instead of full addition, treating it as business income taxable at normal rates. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755615