ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]

ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products - ITAT - Profit - Sale of Milk Products - Demonetisation Period - Taxscan

The Income Tax Appellate Tribunal (ITAT) Chennai Bench directed to estimate 25% profit towards income from sale of milk products deposited in banks during the demonetisation period. Kannan Rajendra Babu is a proprietor of M/s.SNP Dairy Milk. After filing return of income the assessee case was selected for scrutiny. During the course of assessment proceedings,…

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