Assessee engaged in business of cheque discounting: ITAT estimated 10 % of total cash deposit

Kailashnath Arunkumar Dube Vs ITO (ITAT Surat)

In the matter abovementioned ITAT partly allowed the appeal by estimation of 10% of total cash deposit towards possible revenue leakage.

Assessee didnot file ITR for AY 2012-13 during which assessee made cash deposit of Rs.45,69,722/-. The case was reopened and notice u/s 148 was sent through e-mail against which no ITR was filed. Hence, AO made addition u/s 69A.

Before CIT (A) it was argued that assessee was engaged in the activity of taking cash from various parties and used to issue cheques and taking 1.00% of commissi

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