https://www.taxtmi.com/caselaws?id=759204 The ITAT Jaipur ruled on additions under section 69A for cash deposits during demonetization and application of section 145(3). The tribunal held that when books of account are rejected and profit estimated at 10% on deposited money, the AO must credit profit already declared by the assessee. The tribunal directed the AO to reduce profit already declared at 5.74% and consider balance 4.26% as trading addition. Regarding section 145(3) application, the tribunal upheld rejection of books based on detailed reasons, finding no infirmity in lower authorities' findings despite assessee's contention about accounting method and stock valuation not being specifically rejected. en-us Mon, 02 Sep 2024 00:00:00 +0530 Thu, 26 Sep 2024 08:15:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759204 The ITAT Jaipur ruled on additions under section 69A for cash deposits during demonetization and application of section 145(3). The tribunal held that when books of account are rejected and profit estimated at 10% on deposited money, the AO must credit profit already declared by the assessee. The tribunal directed the AO to reduce profit already declared at 5.74% and consider balance 4.26% as trading addition. Regarding section 145(3) application, the tribunal upheld rejection of books based on detailed reasons, finding no infirmity in lower authorities' findings despite assessee's contention about accounting method and stock valuation not being specifically rejected. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759204