https://www.taxtmi.com/caselaws?id=470263 Revision of assessment was considered valid where the Assessing Officer estimated business profit without examining substantial demonetisation-period cash deposits or verifying records supporting the trading activity. The notes state that the source of deposits, sale records, bills, vouchers, rent receipts and other basic business material required enquiry, particularly as the assessee did not produce relevant records. Acceptance of estimated profit without those enquiries rendered the assessment prejudicial to the interests of the Revenue and supported revision under section 263. en-us Tue, 18 Mar 2025 00:00:00 +0530 Tue, 21 Jul 2026 19:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470263 Revision of assessment was considered valid where the Assessing Officer estimated business profit without examining substantial demonetisation-period cash deposits or verifying records supporting the trading activity. The notes state that the source of deposits, sale records, bills, vouchers, rent receipts and other basic business material required enquiry, particularly as the assessee did not produce relevant records. Acceptance of estimated profit without those enquiries rendered the assessment prejudicial to the interests of the Revenue and supported revision under section 263. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470263