https://www.taxtmi.com/caselaws?id=756926 The ITAT Delhi allowed the assessee's appeal regarding reopening of assessment under section 147 for unexplained cash deposits. The assessee had not filed returns for AY 2007-08 to 2011-12 but later disclosed business income by applying 3% net profit rate on bank receipts totaling Rs. 5,49,320 and paid tax of Rs. 45,180. The tribunal held that once income was offered to tax in consolidated manner for AY 2011-12, no further additions could be made in respective assessment years. Penalties under section 271(1)(c) were also deleted following the quantum appeal decision. en-us Fri, 09 Aug 2024 00:00:00 +0530 Mon, 12 Aug 2024 08:26:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756926 The ITAT Delhi allowed the assessee's appeal regarding reopening of assessment under section 147 for unexplained cash deposits. The assessee had not filed returns for AY 2007-08 to 2011-12 but later disclosed business income by applying 3% net profit rate on bank receipts totaling Rs. 5,49,320 and paid tax of Rs. 45,180. The tribunal held that once income was offered to tax in consolidated manner for AY 2011-12, no further additions could be made in respective assessment years. Penalties under section 271(1)(c) were also deleted following the quantum appeal decision. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756926