8% Profit Estimation on Cash Deposits for AY 2017-18 Justified: ITAT Lucknow

ITO Vs Sateesh Kumar (ITAT Lucknow) In our view, the legal heir of late assessee has furnished evidence to show that, prior to his death, the assessee was running a Kirana business which had a turnover of Rs.95,83,320/- that had been verified by the VAT authorities in the course of an assessment. We observe that the non-compliance before the ld. AO is explained by the illness and subsequent demise of the assessee during the period of assessment. Therefore, the lack of explanation furnished before the ld. AO, in the given circumstances of the case, should not be viewed as an attempt to evade no...