https://www.taxtmi.com/caselaws?id=765685 ITAT Pune upheld validity of reassessment proceedings under section 148 as assessee failed to file return and respond to AO's communications regarding unexplained cash deposits. Regarding unexplained cash deposits from cashew seed trading business, tribunal found assessee's declared profit margin inadequate given lack of supporting expenditure documents and stock details. ITAT estimated net profit at Rs. 3,00,000 against declared Rs. 1,96,800, sustaining addition of Rs. 1,03,200 while deleting remaining addition. Appeal decided partly in favor of assessee. en-us Wed, 05 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765685 ITAT Pune upheld validity of reassessment proceedings under section 148 as assessee failed to file return and respond to AO's communications regarding unexplained cash deposits. Regarding unexplained cash deposits from cashew seed trading business, tribunal found assessee's declared profit margin inadequate given lack of supporting expenditure documents and stock details. ITAT estimated net profit at Rs. 3,00,000 against declared Rs. 1,96,800, sustaining addition of Rs. 1,03,200 while deleting remaining addition. Appeal decided partly in favor of assessee. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765685