https://www.taxtmi.com/caselaws?id=460877 The Tribunal condoned a 53-day delay in filing the appeal, citing a reasonable cause due to the assessee's absence from Hyderabad. It confirmed the addition of Rs.9 lakhs under Section 68 of the Income Tax Act, as the assessee failed to satisfactorily explain the cash credits, even in the firm's first year. The Tribunal also upheld the Lower Authority's decision to estimate profit at 8% of the gross receipt, finding it reasonable. Consequently, the appeal was dismissed, affirming the decisions of the Lower Authority. en-us Fri, 04 Jun 2010 00:00:00 +0530 Thu, 27 Feb 2025 10:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460877 The Tribunal condoned a 53-day delay in filing the appeal, citing a reasonable cause due to the assessee's absence from Hyderabad. It confirmed the addition of Rs.9 lakhs under Section 68 of the Income Tax Act, as the assessee failed to satisfactorily explain the cash credits, even in the firm's first year. The Tribunal also upheld the Lower Authority's decision to estimate profit at 8% of the gross receipt, finding it reasonable. Consequently, the appeal was dismissed, affirming the decisions of the Lower Authority. Case-Laws Income Tax Fri, 04 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460877