Cash Deposits of Vodafone Distributor Taxable on Estimated Basis @8%: ITAT Pune

Vijay Shridhar Wadkar Vs ITO (ITAT Pune) ITAT Pune: Cash Deposits of Vodafone Distributor Taxable on Estimated Basis @8% – CIT(A)’s Direction Upheld; Assessee’s Appeal Dismissed The Pune Bench “B” of the ITAT dismissed the assessee’s appeal in Vijay Shridhar Wadkar v. ITO for AY 2017-18, upholding the order of the CIT(A)/NFAC which had directed estimation of income at 8% of cash deposits in the bank account. The assessee, a distributor of Vodafone Idea Ltd., had deposited ₹51.80 lakh in cash in his current bank account during the year. Since there was no compliance before the AO ...