Ad-hoc 20% Profit Estimate Set Aside; ITAT Restricts GP to 5% in Milk Trading Case

Hansraj Vs ITO (ITAT Delhi)

The Delhi Bench of the ITAT, in the case of Hansraj, partly allowed the assessee’s appeal arising from a reassessment for AY 2014-15 involving large cash deposits treated as unexplained money under section 69A and taxed under section 115BBE.

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