Estimated Income Reduced Because Declared Profit Was Ignored

Ashok Prasad Gupta Vs ITO (ITAT Kolkata) Declared Profit Must Be Set Off Against Estimated Income: Kolkata ITAT Grants Relief in Liquor Trader Case Estimate Yes, Double Tax No: 8% Applied, But Returned Income Can’t Be Ignored- When Books Are Rejected, Declared Income Still Counts-  ITAT Stops Double Addition in Estimated Profit Case Kolkata ITAT ‘SMC’ Bench in Ashok Prasad Gupta Vs. ITO  [ITA No. 1848/KOL/2025, AY 2017-18, order dated 31.12.2025] allowed Assessee’s appeal holding that while estimating income after rejection of books u/s 145(3), AO cannot ignore profit already declar...