ITAT Agra Upholds Separate NP Rates: 0.22% (Animal Trading) & 8.7% (Scrap)

ITO Vs Rashid Laloo (ITAT Agra) Separate NP Rates for Different Businesses Mandatory; 0.22% on Animal Trading and 8.7% on Scrap Upheld – ITAT Agra The Agra Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) applying different net profit (NP) rates for two distinct businesses carried on by the assessee for AY 2014-15. The assessee was engaged in livestock (buffalo) trading and iron scrap business. In reassessment proceedings, the Assessing Officer rejected the books and applied a uniform NP rate of 8% on the entire turnover of ₹33.39 crore, resulting in a ...