ITAT Bangalore Rejected Estimated Profit as Audited Books Showed Reasonable Margin

Gopal Anil Kumar Vs DCIT (ITAT Bangalore) ITAT Bangalore: Cash Purchase Explained from Drawings; Ad Hoc Profit Estimation Without Book Rejection Set Aside The Bangalore Bench of the Income Tax Appellate Tribunal partly allowed the appeal of Shri Gopal Anil Kumar for AY 2019–20 and fully allowed the appeal for AY 2020–21, arising from search-related proceedings. For AY 2019–20, the issue concerned an addition of ₹5.26 lakh under Section 69A on account of alleged unexplained cash payment for purchase of a plot. The Tribunal noted that the assessee had consistently explained that the cash...