Vegetable Vendor Case: ITAT Upholds Estimation of 2% Profit on Cash Deposits

ITO Vs Sanchit Dua (ITAT Delhi) ITAT Delhi Upholds CIT(A)’s Estimation of 2% Net Profit on Cash Deposits – Rejects Revenue’s Appeal in Vegetable Vendor Case Assessee, a vegetable vendor, was found to have deposited Rs.2.56 crore in his current account along with salary income of Rs.1.23 lakh. According to Assessee, the business of vegetable export to Pakistan collapsed after policy changes in December 2016, resulting in losses & he later took up a job as a data entry operator. Assessee explained that cash payments were made to farmers & sales were largely in cash, with deposits r...