https://www.taxtmi.com/caselaws?id=792350 Reassessment objections based on alleged defective approval under section 151 were rejected, as the approval was treated as administrative and supervisory and defects in reasons, authentication, or communication did not invalidate the reopening. On the cash-deposit issue, accepted trading sales, import records, invoices, inventory details, bank payments, and audited accounts showed that the books were not rejected under section 145(3), so the entire bank deposits could not be taxed as unexplained credits under section 68. The proper approach was to estimate profit embedded in the turnover; a 1.00% gross profit rate was applied and only the balance addition was deleted. en-us Fri, 22 May 2026 00:00:00 +0530 Wed, 27 May 2026 07:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792350 Reassessment objections based on alleged defective approval under section 151 were rejected, as the approval was treated as administrative and supervisory and defects in reasons, authentication, or communication did not invalidate the reopening. On the cash-deposit issue, accepted trading sales, import records, invoices, inventory details, bank payments, and audited accounts showed that the books were not rejected under section 145(3), so the entire bank deposits could not be taxed as unexplained credits under section 68. The proper approach was to estimate profit embedded in the turnover; a 1.00% gross profit rate was applied and only the balance addition was deleted. Case-Laws Income Tax Fri, 22 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792350