https://www.taxtmi.com/caselaws?id=778258 Reopening under s.147 upheld: ITAT held AO had reason to believe unexamined cash deposits during demonetization and other unverified deposits, rejecting the assessee's challenge and deciding against the assessee. CIT(A)'s direction to estimate deposits as sales was set aside and the matter remanded to AO to verify the genuineness of claimed cash sales deposited in SBN during demonetization. Considering incomplete source details, ITAT directed verification by the AO and, on the turnover balance, fixed a protective gross profit rate of 4% as reasonable in the facts and circumstances. en-us Wed, 10 Sep 2025 00:00:00 +0530 Thu, 11 Sep 2025 16:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778258 Reopening under s.147 upheld: ITAT held AO had reason to believe unexamined cash deposits during demonetization and other unverified deposits, rejecting the assessee's challenge and deciding against the assessee. CIT(A)'s direction to estimate deposits as sales was set aside and the matter remanded to AO to verify the genuineness of claimed cash sales deposited in SBN during demonetization. Considering incomplete source details, ITAT directed verification by the AO and, on the turnover balance, fixed a protective gross profit rate of 4% as reasonable in the facts and circumstances. Case-Laws Income Tax Wed, 10 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778258