ITAT Delhi Upholds 1% Income Estimate as Assessee Was Commission Agent

ITO Vs Deepak (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2013-14, upholding the application of a 1% profit rate on the gross value of bank transactions instead of treating the entire bank deposits as taxable income. The assessee, an individual, had not filed a return of income for the relevant assessment year. Based on information available on the ITBA portal, the Assessing Officer (AO) found cash deposits exceeding Rs. 14.08 crore in the assessee&#...