https://www.taxtmi.com/caselaws?id=470263 Revision of assessment was valid where the Assessing Officer estimated business profit without examining substantial cash deposits made during the demonetisation period or verifying records supporting the trading activity. Missing verification included the source of deposits, sale records, bills, vouchers, rent receipts and other basic business material, which the assessee did not produce. Acceptance of estimated profit without necessary enquiry into these material matters rendered the assessment prejudicial to the interests of the Revenue and justified 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 valid where the Assessing Officer estimated business profit without examining substantial cash deposits made during the demonetisation period or verifying records supporting the trading activity. Missing verification included the source of deposits, sale records, bills, vouchers, rent receipts and other basic business material, which the assessee did not produce. Acceptance of estimated profit without necessary enquiry into these material matters rendered the assessment prejudicial to the interests of the Revenue and justified revision under section 263. Case-Laws Income Tax Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470263