ITAT Kolkata Reduces Profit Estimation to 4% Due to Lack of Comparable Basis

Md. Babar Ali Vs ITO (ITAT Kolkata) The Tribunal adjudicated three appeals relating to Assessment Year 2020–21 concerning estimation of business income and penalties imposed under the Income Tax Act. The appeals arose from a common order of the Commissioner of Income Tax (Appeals) passed under Section 250 of the Act. The first appeal concerned the estimation of income from a wholesale medicine business. The assessee had not filed a return of income initially. Information received from GST authorities indicated business transactions reflected in GST returns. Based on this information, the Ass...