ITAT Delhi Upholds GP Addition After Books Rejected for Lack of Evidence

Deepanshu Srivastava Vs DCIT (ITAT Delhi) Core Issue:- The core issue involved (i) validity of rejection of books of account under section 145(3), (ii) estimation of income by applying higher gross profit rate in absence of supporting evidence and alleged bogus purchases, and (iii) addition under section 69A on account of unexplained cash deposits during the demonetisation period. Detailed Facts:– The assessee, engaged in the business of trading in scrap through proprietorship concerns namely Nishi Paper & Print Pack and Baba Industries, filed return declaring income of ₹23.54 lakh...