https://www.taxtmi.com/caselaws?id=765107 ITAT set aside additions and penalties and remitted issues to the lower authorities for fresh consideration. The Tribunal held the AO could not estimate a 10% net profit on turnover without rejecting books with reasons and without basis, so the best-judgment additions must be reconsidered. Additions under section 68 (liabilities) and section 69A (cash deposits during demonetisation) were also quashed for lack of findings and because assessments were ex parte, warranting opportunity to produce evidence. Consequential penalties under sections 270A and 271AAC were remitted for re-examination pending fresh assessment and hearings. en-us Fri, 10 Jan 2025 00:00:00 +0530 Mon, 06 Oct 2025 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765107 ITAT set aside additions and penalties and remitted issues to the lower authorities for fresh consideration. The Tribunal held the AO could not estimate a 10% net profit on turnover without rejecting books with reasons and without basis, so the best-judgment additions must be reconsidered. Additions under section 68 (liabilities) and section 69A (cash deposits during demonetisation) were also quashed for lack of findings and because assessments were ex parte, warranting opportunity to produce evidence. Consequential penalties under sections 270A and 271AAC were remitted for re-examination pending fresh assessment and hearings. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765107