Best Judgment u/s 144 & 8% Profit Estimation in Poultry Case Set Aside for Fresh Hearing

Vatsalabai Karbhari Deore Vs ACIT (ITAT Pune) ITAT Pune remands poultry farm case—best judgment u/s 144 & 8% profit estimation set aside for fresh adjudication Assessee, engaged in the business of poultry farming under the name M/s Akash Poultry Farm, had declared income of ₹27.62 lakh in her e-return for AY 2014-15. The case was selected for scrutiny; however, due to non-compliance with notices u/s 143(2) & 142(1), AO framed best judgment assessment u/s 144, disallowing interest of ₹57.96 lakh & estimating net profit @ 8% on turnover after allowing the declared 7.35% gross p...