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ITAT Agra Upholds Separate NP Rates: 0.22% (Animal Trading) & 8.7% (Scrap)
Case Law Details
- Case Name
- ITO Vs Rashid Laloo (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
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ITO Vs Rashid Laloo (ITAT Agra)
Separate NP Rates for Different Businesses Mandatory; 0.22% on Animal Trading and 8.7% on Scrap Upheld – ITAT Agra
The Agra Bench of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) applying different net profit (NP) rates for two distinct businesses carried on by the assessee for AY 2014-15.
The assessee was engaged in livestock (buffalo) trading and iron scrap business. In reassessment proceedings, the Assessing Officer rejected the books and applied a uniform NP rate of 8% on the entire turnover of ₹33.39 crore, resulting in a ...
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