ITAT Reduces Profit Estimation to 4% as 8% Rate Ignored Audited Books & Past Margins

Padmanaban Prabaharan Vs ITO (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, arose from the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), for Assessment Year 2016-17. The assessee challenged the estimation of income at 8% of turnover. There was a delay of 107 days in filing the appeal before the Tribunal. The assessee explained that he had earlier conducted export business at Dindigul and had relied on his previous Chartered Accountant to handle tax matters. Due to communication gaps and fee disputes with the earl...