https://www.taxtmi.com/caselaws?id=762325 The Tribunal partially allowed the appeal, directing the Assessing Officer to apply a 5% estimation rate to the cash deposits made during the demonetization period, aligning with the reduced business income estimation previously determined by the Commissioner of Income Tax (Appeals). The Tribunal found the assessee failed to substantiate the sources of the cash deposits and upheld the CIT(A)'s decision to reduce the business income estimation from 8% to 5%, deeming it reasonable. The decision was pronounced in November 2024 in Chennai, addressing the assessment for the year 2017-18 under the Income Tax Act, 1961. en-us Wed, 27 Nov 2024 00:00:00 +0530 Fri, 29 Nov 2024 08:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762325 The Tribunal partially allowed the appeal, directing the Assessing Officer to apply a 5% estimation rate to the cash deposits made during the demonetization period, aligning with the reduced business income estimation previously determined by the Commissioner of Income Tax (Appeals). The Tribunal found the assessee failed to substantiate the sources of the cash deposits and upheld the CIT(A)'s decision to reduce the business income estimation from 8% to 5%, deeming it reasonable. The decision was pronounced in November 2024 in Chennai, addressing the assessment for the year 2017-18 under the Income Tax Act, 1961. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762325