Turnover Understatement Without Books Rejection Still Allows Estimation

Bhaveshbhai Haribhai Kanani Vs ITO (ITAT Rajkot) Rajkot ITAT Moderates Estimation- Assessee Admits Wrong Turnover; No Rejection of Books but Serious Lapses: ITAT Balances Equity by Applying 3.5% GPb In this appeal, Assessee challenged the addition of Rs.39,82,206/- sustained by CIT(A), arising from AO’s estimation of income @4% on the gross turnover of Rs.11,93,30,453/-. The appeal was delayed by 70 days which Tribunal condoned after accepting the explanation regarding mistake of the tax consultant. Assessee had originally declared turnover of only Rs.1,03,43,628/- with income of Rs.7,91...