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2023 (9) TMI 214 - ITAT SURATUnexplained income u/s 68 - addition of entire credit in the bank account of assessee by taking view that no response or explanation was furnished by assessee despite services of various notices - assessee has categorically contended that he has in the business in contract and carting - AO has made addition @ 8% on contract receipts - HELD THAT:- The Hon'ble jurisdictional High Court in the case of Pradeep Shantilal Patel [2013 (11) TMI 1646 - GUJARAT HIGH COURT] while considering the issue of cash credit / deposits in savings bank account when the nature of business was not forthcoming from the record, held that when the assessee admitted the cash deposits pertaining to his retail business and nature of business was not forthcoming on record, the net income has to be determined on the basis of turnover of assessee. Thus,keeping in view that the total deposits in bank account of assessee, therefore deem it fit and proper to estimate the income of assessee @ 10% of credit / deposits in assessee’s bank account.
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