ITAT Validates AO’s Estimation of Gross Profit at 20.97% for Road Contractor Amidst Unverifiable Cash Transactions [Read Order]
The tribunal asserted the importance of maintaining transparent and well-documented financial records, especially for businesses dealing extensively in cash transactions
By Eeva Mary Sanil - On April 18, 2025 12:34 pm - 2 mins read
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) upheld the rejection of books of accounts of a road contractor, and confirmed the addition of ₹40 lakh on account of unverifiable and inadequately documented cash transactions. The appeal arose from an order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre…
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