ITAT applied Net Profit Rate of 0.50% instead of 8% Applied by AO

Dulichand Kundanmal Vs ACIT (ITAT Kolkata) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Kolkata bench has made a pivotal decision regarding the net profit rate applied to Dulichand Kundanmal for the assessment year 2014-15. The tribunal found the 8% net profit rate applied by the Assessing Officer (AO) to be excessive and revised it to 0.50%, marking a substantial decrease and setting a precedent for the application of fair and reasonable profit rates in tax assessments. The case came into the spotlight due to the appellant, Dulichand Kundanmal, challenging the ex-parte or...