Belated U/s 148 Return Costs Assessee: 1% NP Estimation Upheld

Nanol Dudh Utpadak Sahkari Mandali Ltd. Vs ITO (ITAT Ahmedabad) Non-Filing of Return Proves Costly:- Belated 148 Return & Afterthought Accounts—ITAT Sustains 1% NP Estimation The Ahmedabad SMC Bench of the ITAT, in The Nanol Dudh Utpadak Sahakari Mandali Ltd. vs ITO (ITA No. 1749/Ahd/2025, AY 2020-21), dismissed the appeal and upheld estimation of net profit @ 1% of turnover where the Assessee, a primary milk co-operative society, failed to file return u/s 139(1) and filed a belated return only in response to notice u/s 148, just before limitation. The AO reopened the assessment based on...