https://www.taxtmi.com/caselaws?id=782669 The ITAT (Rajkot) held that for AY 2015-16, the notice issued u/s 148 after 31.03.2021 was time-barred and thus invalid, rendering the reassessment order u/s 147 r.w.s. 144B void ab initio and liable to be quashed. On merits of additions u/s 69A and related bank credits in other years, the Tribunal accepted that the deposits represented business turnover and directed the AO to estimate income by applying a net profit rate of 3% on cash deposits/credits, taxable at normal rates. Penalty u/s 271(1)(c) on such estimated additions was held unsustainable. Penalty u/s 271A was deleted as the assessee, having opted for presumptive taxation u/s 44AD, was not obliged to maintain regular books u/s 44AA. en-us Mon, 24 Nov 2025 00:00:00 +0530 Thu, 27 Nov 2025 16:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782669 The ITAT (Rajkot) held that for AY 2015-16, the notice issued u/s 148 after 31.03.2021 was time-barred and thus invalid, rendering the reassessment order u/s 147 r.w.s. 144B void ab initio and liable to be quashed. On merits of additions u/s 69A and related bank credits in other years, the Tribunal accepted that the deposits represented business turnover and directed the AO to estimate income by applying a net profit rate of 3% on cash deposits/credits, taxable at normal rates. Penalty u/s 271(1)(c) on such estimated additions was held unsustainable. Penalty u/s 271A was deleted as the assessee, having opted for presumptive taxation u/s 44AD, was not obliged to maintain regular books u/s 44AA. Case-Laws Income Tax Mon, 24 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782669