M/s. Meenakshi Rajeswari Rice Mill vs. ITO

Parties Involved

Facts Summary

During the hearing of the stay application, it was revealed that the only issue in the quantum appeal was profit estimation. The assessment order dated 25-09-2019 was framed on the best judgment basis. The assessee, engaged in trading of rice and pulses, deposited cash of Rs.5 Lacs during the demonetization period, which was added as unexplained income under section 69. The Assessing Officer estimated profit at 3% against other credits of Rs.432.46 Lacs. The Commissioner of Income Tax (Appeals) confirmed the assessment, leading to the assessee's further appeal. The appellant requested a lower estimation on bank credits, opposed by the Senior Departmental Representative.…

Legal Issues

• 1. Profit estimation based on bank credits

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Mr. Abdul Munaf Irfanudeen vs. PCIT (Central)

  Chennai bench

• B. R. Lubricants v. The Income Tax Officer

  Lucknow bench

• Income Tax Appellate Tribunal Case No. 1863/CHANDI/2025

  Chandigarh bench

• CHOUDHARY CONSTRUCTIONS & EARTHMOVERS CO. vs. INCOME TAX OFFICER

  Delhi bench

• JCIT (OSD), Circle-1, Raipur (C.G.) Vs. Balajee Loha Private Limited

  Raipur bench

• Moorthy Vinodhini vs. The Income Tax Officer, Non Corporate Ward-19(6), Chennai

  Chennai bench