ITAT Delhi Restricts Profit Estimate in Milk Trading Case to 5%, Rejects Arbitrary 20% Addition
ITAT Delhi restricts ad-hoc profit addition in milk trading case to 5%, ruling that arbitrary 20% estimates under Section 69A lack evidence.
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ITAT Delhi restricts ad-hoc profit addition in milk trading case to 5%, ruling that arbitrary 20% estimates under Section 69A lack evidence.
ITAT remands Section 69A addition after AO failed to verify donors’ creditworthiness. Tribunal stresses fair inquiry before taxing unexplained money.
ITAT rules that unexplained cash additions under Section 68 are invalid unless books are rejected under Section 145(3), deleting a ₹64 lakh addition.
Punjab and Haryana High Court rules that income tax assessment jurisdiction can be shifted from Chandigarh to Goa in public interest, strengthening CBDT’s administrative powers.
Delhi High Court rules draft income tax assessment issued post-amalgamation is void ab initio. Fresh proceedings allowed under Section 144C.