GP Estimation Based Solely on Subsequent Years’ GP Rate Not Justified: ITAT Allahabad

Jai Bajrang Gur Bhandar Vs ITO (ITAT Allahabad) The Income Tax Appellate Tribunal (ITAT), Allahabad partly allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) dated 08.11.2023, which had confirmed the addition of ₹12,25,364 by applying the gross profit (GP) rate of the subsequent assessment year (AY 2018-19) to AY 2017-18. The appeal was confined to the enhancement of gross profit, as the additions relating to estimated net profit and Section 69A had already been deleted by the CIT(A). The assessee, a partn...