Income assessed at 1% on cricket betting in absence of satisfactory explanation

Kashyap Suresh Brahmbhatt Vs DCIT (ITAT Ahmedabad) Held that AO correctly estimated the income of the assessee at 1% of the total transactions of cricket betting as found recorded in the laptops seized Facts- The assessee is an individual. The Vigilance Squad of State Police, Gandhinagar conducted a raid at his residential premises. During the course of the said raid, cash of Rs.43,88,500/- was found and seized besides some incriminating documents and articles such as laptops, mobiles, TV etc. On the basis of the information received relating to this raid conducted by the Vigilance Squad of St...