Both the parties agreed to treat the addition as business receipts: ITAT directed AO to assess profit @ 8%

Imran Ibrahim Badshah Vs ITO (ITAT Mumbai)

Assessee didnot file return for the year under consideration. As per AIMS module information received that assessee has deposited the amount of Rs.16,84,100/- as cash during the demonetization period. Case was reopened notice was issued accordingly. In response of which assessee filed return of income. AO observed that assessee is engaged in the business of imitation jewellery and had declared his income of Rs.8,67,094/- the gross profit @ 8% of gross receipt of Rs.1,08,38,664/- u/s 44AD. Assessee has furnished the computation of income fo

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