https://www.taxtmi.com/caselaws?id=757109 ITAT Mumbai allowed assessee's appeal partly in a reopening assessment case involving unexplained cash deposits. The tribunal held that cash deposits of Rs. 27,75,833 from retail jeans trading should be accepted as business income since Revenue had already accepted part of the business. As this was the first year of business with no purchase/sales evidence for turnover, the tribunal directed AO to tax income at 8.65% rate (Rs. 2,40,110) as offered by assessee, confirming addition to this extent while deleting balance addition. en-us Mon, 29 Jul 2024 00:00:00 +0530 Fri, 16 Aug 2024 08:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757109 ITAT Mumbai allowed assessee's appeal partly in a reopening assessment case involving unexplained cash deposits. The tribunal held that cash deposits of Rs. 27,75,833 from retail jeans trading should be accepted as business income since Revenue had already accepted part of the business. As this was the first year of business with no purchase/sales evidence for turnover, the tribunal directed AO to tax income at 8.65% rate (Rs. 2,40,110) as offered by assessee, confirming addition to this extent while deleting balance addition. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757109