Cooking the Books? ITAT Amritsar Applies 8% Profit Rate on Suppressed Turnover of Food Firm

Calories Count Vs DCIT (ITAT Amritsar) Cooking the Books? Tribunal Relies on Cook’s Word, Taxing Tastefully- Tribunal Caps Profit at 8%; Suppressed Turnover in Food Delivery Business – Profit to be Taxed @ 8% u/s 44AD: ITAT Amritsar: Facts Assessee, a partnership firm engaged in preparing & delivering meals, was surveyed u/s 133A on 18.01.2019. Survey yielded receipt books (Annexure C-1 to C-3), laptops & pen drive containing “master sheet” of ~100–110 clients, attendance registers & staff details. Partner admitted that no books were maintained at time of survey. Co...