Estimation of Gross Profit Rate and Unverifiable Purchases: ITAT Upholds CIT(A)’s Decision to Limit GP to 1% [Read Order]
The CIT(A) had reduced the GP rate from 1.5% to 1%, deleted the ad-hoc disallowance on unverifiable purchases, and acknowledged VAT differences for sales
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax(Appeals)[CIT(A)]’s decision to limit the gross profit ( GP ) rate to 1% for the Assessment Year (AY)2012-13, rejecting the assessee’s challenge against the enhanced GP rate and unverifiable purchases. Neeraj Kumar, appellant-assessee, filed a cross appeal against the…
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