https://www.taxtmi.com/caselaws?id=767875 The ITAT Jaipur allowed the assessee's appeal challenging recomputation of income at 8% net profit rate on gross business receipts. The tribunal found that cash deposits of Rs. 33,68,166 represented re-deposits from existing cash balances rather than additional turnover. After examining the cash book filed as additional evidence, the tribunal determined the assessee had sufficient cash on hand from withdrawals and previously accounted cash sales. The CIT(A)'s direction to apply 8% income estimation on these re-deposits was held unjustified, and grounds 1 and 2 were allowed. en-us Wed, 01 Jan 2025 00:00:00 +0530 Thu, 27 Mar 2025 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767875 The ITAT Jaipur allowed the assessee's appeal challenging recomputation of income at 8% net profit rate on gross business receipts. The tribunal found that cash deposits of Rs. 33,68,166 represented re-deposits from existing cash balances rather than additional turnover. After examining the cash book filed as additional evidence, the tribunal determined the assessee had sufficient cash on hand from withdrawals and previously accounted cash sales. The CIT(A)'s direction to apply 8% income estimation on these re-deposits was held unjustified, and grounds 1 and 2 were allowed. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767875