ITAT Ahmedabad Scales Down Profit Estimation on Milk Retail Business to 7%

Haribhai Shankarbhai Chaudhary Vs ITO (ITAT Ahmedabad) Assessee did not file return for AY 2018-19. AO noticed cash deposits of ₹2.30 crore in Co-op Bank & reopened case u/s 148 on 26.05.2022. In response, Assessee filed return declaring income of ₹2,93,080/-. AO completed reassessment u/s 147 r.w.s. 144B on 20.09.2023, estimating turnover at ₹1.17 crore & applying net profit @7%, determining income at ₹8,21,178/-. Before CIT(A), appeal was filed with delay of 101 days. CIT(A) dismissed appeal in limine, refusing to condone delay. Before Tribunal, AR argued that delay was for r...