https://www.taxtmi.com/caselaws?id=456492 The ITAT SURAT allowed the assessee's appeal for statistical purposes against a best judgment assessment u/s 144. The AO had made additions u/s 69A for unexplained cash deposits and credit entries after the assessee failed to comply with notices. The CIT(A) rejected the appeal citing non-compliance with Section 249(4)(b) regarding advance tax payment. The ITAT found both authorities failed to consider the case merits and granted the assessee another opportunity to present explanations and supporting documents, noting the business involved yarn trading where only profit, not gross receipts, should be taxable. en-us Tue, 30 Apr 2024 00:00:00 +0530 Mon, 29 Jul 2024 20:13:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456492 The ITAT SURAT allowed the assessee's appeal for statistical purposes against a best judgment assessment u/s 144. The AO had made additions u/s 69A for unexplained cash deposits and credit entries after the assessee failed to comply with notices. The CIT(A) rejected the appeal citing non-compliance with Section 249(4)(b) regarding advance tax payment. The ITAT found both authorities failed to consider the case merits and granted the assessee another opportunity to present explanations and supporting documents, noting the business involved yarn trading where only profit, not gross receipts, should be taxable. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456492