This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Entire Bank Deposits Cannot Be Treated as Income – ITAT Directs 8% Profit Estimation
Case Law Details
- Case Name
- Ramasamy Sathish Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Ramasamy Sathish Vs ITO (ITAT Chennai)
Entire Bank Deposits Cannot Be Treated as Income – ITAT Directs 8% Profit Estimation
The assessee, engaged in textile trading and money-lending, filed return for AY 2016-17 declaring presumptive income u/s 44AD of ₹3.19 lakh. The case was selected for scrutiny due to large cash deposits of ₹2.89 crore in bank accounts. The assessee explained that the deposits represented textile business receipts, loan recoveries with interest, and redeposit of earlier cash withdrawals.
The AO examined the bank transactions and, after granting c...
Author Info
