Income Tax Assessment: Tribunal Reduces Net Profit Estimation from 2% to 0.75%, Lowering Tax Liability for Assessee

ITAT partially allowed the appeal, modifying the Assessing Officer's (AO) income estimation. The tribunal found the AO justified in rejecting books of accounts due to non-production of bills and vouchers. Instead of the AO's 2% net profit rate, the tribunal applied a 0.75% rate on gross turnover, considering the previous year's 1.07% rate. The net addition was reduced from Rs. 1,65,09,996/- to Rs. 43,29,907/-. The AO was directed to recompute the income accordingly, with the assessee's appeal being partly allowed. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X