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145(3) Upheld but 1% NP Excessive; Beer Trader’s Margin Rationalised to 0.50%

Case Law Details

Case Name : KNP Associates Vs ACIT (ITAT Agra)
Related Assessment Year : 2020-21
Courts : All ITAT ITAT Agra
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KNP Associates Vs ACIT (ITAT Agra)

The ITAT, Agra Bench upheld rejection of books u/s 145(3) due to material deficiencies—unexplained cash deposits, rent mismatch vis-à-vis agreement (194I exposure) and inconsistencies from 133(6) replies—but held that estimating

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Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 4309
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

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