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Survey-Based 8% Estimation Cut to 4%: ITAT Ensures Parity With Parents’ Cases
Case Law Details
- Case Name
- Devaraj Ilavarasan Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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Devaraj Ilavarasan Vs ITO (ITAT Chennai)
Assessee originally filed ROI showing turnover of ₹10.76 crore & income of ₹9.26 lakh, but without audit report. He later filed a revised return on 01.08.2019 declaring turnover of ₹13.76 crore along with audit report. AO treated the revised return as non est, rejected books & completed best judgment assessment u/s 144. AO estimated 8% profit on turnover & also added ₹60,00,000 as alleged unexplained investment based on survey u/s 133A conducted in the “D. Devaraj group”. CIT(A)/NFAC confirmed the additions.
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