Case Law Details
Case Name : Kannappan Ragupathi Vs ITO (ITAT Chennai)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Chennai
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Kannappan Ragupathi Vs ITO (ITAT Chennai)
Notional Turnover ≠ Real Income: ITAT Sends F&O Estimate Back for Fresh Look
Assessee, a taxi driver with limited education, failed to file return for AY 2010-11. Based on AIR/CIB data relating to cash deposits & F&O transactions, AO issued notice u/s 148 & completed ex-parte assessment u/s 144 r.w.s 147, estimating speculative income at Rs.20,80,726 by applying 0.25% on a
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