AO Overlaps Unexplained Income with Declared Turnover: ITAT deletes Incorrect Addition and Lowers Income Estimation Rate to 4% [Read Order]
Considering the overlapping, the ITAT deletes incorrect additions and lowers the income estimation rate from 8% to 4%
By Kavi Priya - On November 16, 2024 10:16 am - 2 mins read
The Visakhapatnam bench of the Income Tax Appellate Tribunal ( ITAT ) deleted an incorrect addition made by the assessing officer who mistakenly added declared turnover as unexplained income. The tribunal also lowered the income estimation rate at 4%. Sri Lakshmi Durga Distributors, the assessee is a partnership firm based in Vijayawada, Andhra Pradesh, that…
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