Bogus Purchase: ITAT reduces Estimated Profit Rate to 12.5%

Hardev Recycling Private Limited Vs Assessment Unit (ITAT Delhi) In a case involving disputed business expenses, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, has partially allowed an appeal by Hardev Recycling Private Limited, directing the tax authorities to apply a lower net profit rate than initially assessed. The company had challenged the estimation of its income after the genuineness of certain purchases was questioned by the Income Tax Department. Hardev Recycling Private Limited, engaged in the manufacturing and trading of Pet Flakes, had its case selected for scrutiny after ...