Fruit Dealer Wins Juicy Relief: ITAT Squeezes Out Section 68 Addition

Abdul Jaleel Vs ITO (ITAT Bangalore) Fruit Dealer Wins Juicy Relief: ITAT Squeezes Out Section 68 Addition -ITAT Bangalore Treats Entire Bank Deposits as Business Turnover—8% Profit Applied Assessee, a 67-year-old small fruit dealer operating from his residence, had neither maintained books nor filed a return for AY 2015-16. The case was reopened u/s 147 after the Department noticed cash deposits of ₹1.59 crore in his bank accounts. During reassessment, Assessee filed a return declaring gross receipts of ₹92.80 lakh from fruit trading & net profit of ₹8.18 lakh, supported by an aff...