https://www.taxtmi.com/caselaws?id=771525 The ITAT Pune upheld the validity of reassessment proceedings under section 148, rejecting the assessee's limitation challenge following the Supreme Court decision in Rajeev Bansal. Regarding unexplained bank deposits claimed as scrap sales proceeds, the tribunal held that only the profit element should be taxed, not the entire deposits. The tribunal adopted an 8% profit rate on deposited amounts, rejecting the assessee's proposed 3-7% range due to lack of comparable evidence. Interest income with TDS deducted was ordered to be taxed separately as income from other sources. The appeal was partly allowed. en-us Fri, 23 May 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771525 The ITAT Pune upheld the validity of reassessment proceedings under section 148, rejecting the assessee's limitation challenge following the Supreme Court decision in Rajeev Bansal. Regarding unexplained bank deposits claimed as scrap sales proceeds, the tribunal held that only the profit element should be taxed, not the entire deposits. The tribunal adopted an 8% profit rate on deposited amounts, rejecting the assessee's proposed 3-7% range due to lack of comparable evidence. Interest income with TDS deducted was ordered to be taxed separately as income from other sources. The appeal was partly allowed. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771525