https://www.taxtmi.com/caselaws?id=763966 The ITAT Surat upheld reopening assessment u/s 147 based on undisclosed bank account with cash deposits of Rs. 13,20,535, finding prima facie reason existed. The tribunal estimated 25% of cash deposits as income due to lack of evidence regarding withdrawals' nature. It confirmed CIT(A)'s 8% profit estimation on total credit entries treated as sales, matching assessee's declared rate. Penalty u/s 271B was upheld for failure to audit accounts, as assessee showed lower turnover to avoid audit requirements without establishing reasonable cause, despite claiming ignorance of section 44AB provisions. en-us Mon, 30 Dec 2024 00:00:00 +0530 Tue, 31 Dec 2024 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763966 The ITAT Surat upheld reopening assessment u/s 147 based on undisclosed bank account with cash deposits of Rs. 13,20,535, finding prima facie reason existed. The tribunal estimated 25% of cash deposits as income due to lack of evidence regarding withdrawals' nature. It confirmed CIT(A)'s 8% profit estimation on total credit entries treated as sales, matching assessee's declared rate. Penalty u/s 271B was upheld for failure to audit accounts, as assessee showed lower turnover to avoid audit requirements without establishing reasonable cause, despite claiming ignorance of section 44AB provisions. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763966