ITAT Delhi Upholds Reopening u/s 147 – GP on Cash Deposits Reduced to 4%

R. Gopal Impex Private Limited Vs D/ACIT (ITAT Delhi)

Reopening of Assessment Upheld – Tribunal Confirms Validity of 147 Action- GP Rate Reduced to 4% on Non-Demonetisation Deposits – Tribunal Grants Partial Relief

Assessee, a wholesale dry fruit trader, filed return declaring ₹5.88 lakhs. Case was reopened u/s 147 based on cash deposits of ₹1.34 crores during demonetisation. AO assessed income at ₹3.17 crores, adding ₹1.34 crores u/s 69A for SBN deposits & estimating 8% profit on other cash deposits of ₹22.77 crores. CIT(A) held demonetisa

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