Addition Upheld for Books Rejection but Arbitrary Net profit Estimation Deleted

Mediboyana Venkata Appala Surya Prakash Vs ACIT (ITAT Visakhapatnam)

Books Rejection Upheld; 12% NP Estimate Removed—Weighted Average NP Lower Than Declared, ₹65.08L Addition Deleted

The Tribunal noted that the case was selected for “limited scrutiny” to verify “Large other expenses claimed in the Profit & Loss A/c”, and the AO, on perusal of the material, found serious infirmities such as self-made vouchers, unsigned bills and purchase ledger entries showing vehicle numbers of Motorcycles, Two-Wheelers and Auto Rickshaws for transporting hug

Please become a Premium member. If you are already a Premium member, login here to access the full content.