Income estimated at 8% since assessee failed to substantiate its claim of 5%: ITAT Chennai

Advertisement Suresh Vs ITO (ITAT Chennai) ITAT Chennai held that estimation of 8% as income on the total receipt by AO is justifiable since assessee failed to substantiate its claim of earning 5% commission on total receipt. Accordingly, addition confirmed and appeal dismissed. Facts- The assessee has deposited cash of Rs 1,99,62,640/- in his saving bank account but has not filed return of income. The Department accordingly reopened the assessment by issuing notice u/s. 148 of the Act. The assessee in response to notice u/s. 148 of the Act has filed the return of income declaring total inc...