Only profit element embedded to cash deposited in bank should be brought to tax: ITAT Pune

Parvati Steel Re Rolling Mills Pvt. Ltd. Vs ACIT (ITAT Pune) ITAT Pune held that entire cash deposits into the bank account cannot be treated as income, only profit element embedded in the same should be brought to tax. Thus, addition adopting 8% profit rate confirmed. Appeal of assessee is partly allowed. Facts- Based on the information available, re-assessment proceedings was initiated against the assessee. However, there was no compliance to the said statutory notices. Thus AO proceeded to complete the assessment on the basis of information available on record. AO treated the cash deposited...