Section 144 Assessment Partly Modified: 8% Reduced to 6% NP on ₹1.99 Cr

Vipul Pravinbhai Lagadhir Vs ITO (ITAT Rajkot) Demonetisation Cash Deposits Not Unexplained – ITAT Rajkot Applies 6% NP on Cash Deposits—Rejects 8% Estimation Assessee, engaged in mobile recharge distribution & small-scale mobile phone sales, faced best-judgment assessment u/s 144. AO treated cash deposits during demonetisation of ₹8,62,000 as unexplained u/s 69A r.w.s.115BBE & further applied 8% NP on remaining cash deposits of ₹1,91,01,420, computing business income of ₹15,28,114. Total assessed additions ignored the ₹3,48,915 income already declared u/s 44AD. CIT(A) ...