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Fruit Dealer Wins Juicy Relief: ITAT Squeezes Out Section 68 Addition
Case Law Details
- Case Name
- Abdul Jaleel Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Bangalore
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Abdul Jaleel Vs ITO (ITAT Bangalore)
Fruit Dealer Wins Juicy Relief: ITAT Squeezes Out Section 68 Addition -ITAT Bangalore Treats Entire Bank Deposits as Business Turnover—8% Profit Applied
Assessee, a 67-year-old small fruit dealer operating from his residence, had neither maintained books nor filed a return for AY 2015-16. The case was reopened u/s 147 after the Department noticed cash deposits of ₹1.59 crore in his bank accounts. During reassessment, Assessee filed a return declaring gross receipts of ₹92.80 lakh from fruit trading & net profit of ₹8.18 lakh, su...
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