https://www.taxtmi.com/caselaws?id=779774 ITAT allowed the appeal in part and directed the AO to estimate income at 8% of cash deposits. The tribunal found the assessee's turnover was below Rs.1 crore and deposits fell below thresholds under section 44AD, so books were not mandated; therefore income should be assessed on a deemed profit basis. ITAT reduced the CIT(A)'s profit estimate of 12% to 8% given the assessee's livestock and milk business and the scope of section 44AD. en-us Thu, 23 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 13:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779774 ITAT allowed the appeal in part and directed the AO to estimate income at 8% of cash deposits. The tribunal found the assessee's turnover was below Rs.1 crore and deposits fell below thresholds under section 44AD, so books were not mandated; therefore income should be assessed on a deemed profit basis. ITAT reduced the CIT(A)'s profit estimate of 12% to 8% given the assessee's livestock and milk business and the scope of section 44AD. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779774