Assumptions Can’t Override Verified Records: ITAT Deletes 3% Profit Addition

Shankerlal Doulatram Ramani Vs ACIT (ITAT Mumbai) The addition @ 3% is not based on any material and is only on the basis of assumptions and presumptions – Not sustained by ITAT Mumbai; ITAT Mumbai Quashes Profit Estimation: Assessee’s Audited Books Found Justifiable; ITAT Sets Aside CIT(A)’s 3% Profit Estimation in Liquor Dealer’s Case for AY 2017-18; Profit Estimation Without Evidence Quashed by ITAT Mumbai in Vintage Wines Case; ITAT Slams Arbitrary Estimation: Assessee’s Books Audited, Verified by AO; Profit Estimation Without Sales Bills Set Aside: AO Had Verified VAT Retur...