No Comparables, No 1% Rate: ITAT Relies on Past Performance

Hardayal Milk Products Private Limited Vs DCIT (ITAT Agra) When Comparables Fail, History Guides—Relief to Milk Processor- Ad-hoc 1% Profit Estimate Cut to 0.50%: Guesswork Curbed: Past Performance Prevails: 1% Ad-hoc Estimation Trimmed- ITAT Slashes Dairy Profit Estimate to 0.50% In Hardayal Milk Products Pvt. Ltd. vs. DCIT, Circle 2(2)(1), Firozabad (ITA No.342/Agr/2025, AY 2013-14; order dated 29-12-2025), the Agra Bench of the ITAT dealt with rejection of books u/s 145(3) and estimation of profits in a large dairy manufacturing business. The AO, doubting the low net profit of ~0.4% and r...