https://www.taxtmi.com/caselaws?id=800724 Assessment of income at 8% of cash deposits from a petroleum-products business requires fresh appellate consideration where the taxpayer claims a lower profit margin and seeks to provide supporting material. Prior non-compliance before the assessment and first appellate stages does not preclude a reasonable opportunity to substantiate the claimed margin. The first appellate authority must reconsider the matter after allowing production of cogent evidence, with the profit rate to be determined afresh. en-us Tue, 06 Oct 2026 00:00:00 +0530 Sat, 10 Oct 2026 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800724 Assessment of income at 8% of cash deposits from a petroleum-products business requires fresh appellate consideration where the taxpayer claims a lower profit margin and seeks to provide supporting material. Prior non-compliance before the assessment and first appellate stages does not preclude a reasonable opportunity to substantiate the claimed margin. The first appellate authority must reconsider the matter after allowing production of cogent evidence, with the profit rate to be determined afresh. Case-Laws Income Tax Tue, 06 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800724