https://www.taxtmi.com/caselaws?id=770968 Unexplained cash deposits during the demonetisation period were assessed ex parte after non-compliance with notice under section 142(1). The first appellate authority treated the cash withdrawals and deposits in the bank account as part of business transactions and considered that the deposits could have arisen from cash sales. On that basis, the total bank credits were taken into account and profit was estimated at 8%. The sustained addition on that estimate was found justified, and the assessee's challenge was rejected. en-us Fri, 09 May 2025 00:00:00 +0530 Fri, 16 May 2025 18:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770968 Unexplained cash deposits during the demonetisation period were assessed ex parte after non-compliance with notice under section 142(1). The first appellate authority treated the cash withdrawals and deposits in the bank account as part of business transactions and considered that the deposits could have arisen from cash sales. On that basis, the total bank credits were taken into account and profit was estimated at 8%. The sustained addition on that estimate was found justified, and the assessee's challenge was rejected. Case-Laws Income Tax Fri, 09 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770968