Addition at 8% of Gross Profit without hearing: ITAT directs readjudication

Vinodchandra Dahyabhai Darji Vs ITO (ITAT Ahmedabad) In the case of Vinodchandra Dahyabhai Darji vs. ITO, the Income Tax Appellate Tribunal (ITAT) Ahmedabad addressed an appeal regarding additions made during the assessment year 2017-18. The Assessee, a wholesale trader of Parle Biscuits Ltd. products with a turnover of ₹3.95 crores, contested the addition of ₹73,22,598 to their income. The addition included an estimation of profits at 8% of gross turnover and ₹41,70,500 categorized as unsecured loans under Section 68 of the Income Tax Act. The Assessee argued that these additions violat...