Addition made on Account of Estimated Rate of Profit applied to Turnover does not Amount to Concealment: ITAT deletes Penalty [Read Order]

Account of Estimated Rate of Profit - Account - Estimated Rate - Profit - Rate of Profit - Turnover - Amount to Concealment - Concealment - ITAT deletes Penalty - ITAT - Penalty - Taxscan

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that addition made on account of estimated rate of profit applied to turnover did not amount to concealment. Therefore, the bench deleted the penalty imposed by the Assessing Officer (AO). The assessee, Kamlesh Gupta is a Director  of M/s German Homoeopathic Distributors Pvt. Ltd….

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