ITAT Bangalore Restores Assessment as Low Profit & Cash Deposits Need Fresh Verification

B.V. Yogish Vs ITO (ITAT Bangalore) ITAT Bangalore Restores Assessment—Petrol Pump Owner’s Cash Deposits & Low Profit Need Fresh Verification Assessee, proprietor of KVG Petroleums, filed return declaring ₹5.71 lakh income on turnover of ₹13.49 crore (0.42% profit). AO noticed the low profit margin compared to 1.2% in earlier years &, in absence of details of expenses, estimated business income at ₹13.48 lakh. He further observed cash deposits of ₹31.52 lakh during demonetisation, allowed credit for ₹11.02 lakh, & added the balance ₹20.15 lakh as unexplained, comple...