Unaudited Accounts & Profit Discrepancy: ITAT Restricts addition to 1.52% of Turnover

Adworld Communications Pvt. Ltd. Vs DCIT (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur bench, has partially allowed an appeal filed by Adworld Communications Pvt. Ltd. against an order from the Commissioner of Income Tax (Appeals) [CIT(A)] concerning the assessment year 2011-12. The dispute centered on the estimation of the company’s income by the tax authorities after rejecting its book results. The case originated from an assessment order dated December 24, 2018, which followed a notice issued under section 148 of the Income Tax Act, 1961, for the assessment year 2011-12. ...