HC upheld Tribunal decision of estimating Profit @2% of Total Credits

PCIT Vs Shitalben Saurabh Vora (Gujarat High Court) The issue in the present case relates whether the amount deposited by the assessee in the form of cash/cheques represents the income of the assessee. Admittedly, there was huge deposit of cash/cheques in the bank account of the assessee. But on perusal of the bank statement, it is revealed that there were simultaneously withdrawals from the bank account leaving the negligible balance in the bank account of the assessee. To our mind, the assessee has discharged her burden by furnishing the details stated above that she is engaged in the busine...