https://www.taxtmi.com/caselaws?id=466352 Best-judgment assessment treated all bank credits as turnover and AO adopted an 8% net profit rate, while appellate authority reduced it; on challenge, absent any bank-credit particulars from the taxpayer the tribunal upheld reliance on bank credits and directed income estimation at 5% of gross receipts, adopting a prevailing net profit benchmark. Separately, addition for unexplained investment premised on an agreement and third-party statement was set aside for re-examination because the taxpayer was not confronted and received only a single notice during the pandemic; consequence: remand to the assessing officer for fresh adjudication after opportunity of hearing. en-us Fri, 28 Feb 2025 00:00:00 +0530 Sun, 01 Feb 2026 14:14:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466352 Best-judgment assessment treated all bank credits as turnover and AO adopted an 8% net profit rate, while appellate authority reduced it; on challenge, absent any bank-credit particulars from the taxpayer the tribunal upheld reliance on bank credits and directed income estimation at 5% of gross receipts, adopting a prevailing net profit benchmark. Separately, addition for unexplained investment premised on an agreement and third-party statement was set aside for re-examination because the taxpayer was not confronted and received only a single notice during the pandemic; consequence: remand to the assessing officer for fresh adjudication after opportunity of hearing. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466352