ITAT Limits Arbitrary Profit Loading to 8% When Books Are Missing

Yermal Vasu Shetty Satish Shetty Vs DCIT (ITAT Bangalore) Books Missing, But Past Results Guide- No Arbitrary Profit Loading – 20% Profit Too Harsh- Past Profit Trend Wins – ITAT Restricts Estimation to 8% in Absence of Books Bangalore ITAT settled the dispute on income estimation where books were not maintained. Assessee, an individual, was engaged in trading of surgical items under the name Shastra Surgicals & also acted as C&F agent for Karnataka Antibiotics & Pharmaceuticals Ltd. under Shivam Logistics. For AY 2018-19, turnover of ₹8.90 crore was declared with net...