ITAT Delhi Moderates NP Estimation: Rate Cut from 8% to 4% as Books Not Rejected

Faiz Mohammad Vs ITO (ITAT Delhi) Books Not Rejected- No Comparables- Adhoc Estimation Partly Deleted- ITAT Delhi Moderates NP Estimation: Rate Reduced to 4% in Trader’s Case Assessee, engaged in trading business, had filed return declaring income of ₹1.99 lakh. AO, not accepting the returned results, estimated income by applying a net profit rate of 9.09% on the declared turnover & assessed total income at ₹20.89 lakh. CIT(A) gave partial relief by reducing the rate to 8% & confirmed the addition to the extent of ₹18.32 lakh. Assessee carried the matter further before Tribunal...