12% Profit Estimation & Rejection of Books Set Aside Due to Lack of Justification

Anam Pesticides Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, adjudicated an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre, for Assessment Year 2021–22. During assessment proceedings, the Assessing Officer observed that out of total purchases of ₹25.73 crore, purchases amounting to ₹23.48 crore from three parties were unverifiable due to lack of supporting evidence and non-response to notices issued under Section 133(6). Physical verification in one case reveale...