Section 44AD Deemed Profit Rate Not Fixed – ITAT Lowers Milk Sales Margin to 3%

Harish Gupta Vs ITO (ITAT Delhi) 8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business – Reduces profit margin on milk sales from 8% to 3% Assessee is an individual having commission income from milk sales. AO found that assessee had huge cash deposits in bank during demonitisation period. Assessee stated that his income consisted of commission & entire cash deposit was cash sales of milk. Since assessee had not filed further details with regard to cash deposits, AO treated it as unexplained money u/s 69A. On further appeal...