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Court Overrules AO's Decision on Unexplained Investments; Orders 8% Net Profit Rate on Total Deposits for Tax Assessment.
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....Unexplained cash deposits - difference in turnover as unexplained investments - The reasons cited by AO that assessee had failed to file any evidence regarding his business activities is not a good reason as his return of income filed on the basis of same business has been accepted for making additions on account of cash deposits. - AO directed to assess the tax by applying 8% N.P. rate on total deposits - AT....