https://www.taxtmi.com/caselaws?id=779725 ITAT SURAT - AT upheld that once the assessee's business is accepted by the CIT(A), bank credits (cash and other credits) must be aggregated for estimating business income. Relying on precedents, the tribunal directed use of presumptive net profit rates, treating 8% on general credits and directing that 12% be applied to cash deposits of Rs.23,31,000 as business income. The appeal was partly allowed on quantum. Penalty under section 271(1)(c) was deleted because the additions were by way of estimation, for which penalty is not leviable. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 09:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779725 ITAT SURAT - AT upheld that once the assessee's business is accepted by the CIT(A), bank credits (cash and other credits) must be aggregated for estimating business income. Relying on precedents, the tribunal directed use of presumptive net profit rates, treating 8% on general credits and directing that 12% be applied to cash deposits of Rs.23,31,000 as business income. The appeal was partly allowed on quantum. Penalty under section 271(1)(c) was deleted because the additions were by way of estimation, for which penalty is not leviable. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779725