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HomeDirect TaxITAT Restricts Addition to 8% Presumptive Profit in Cattle Feed Trader’s Case,...

ITAT Restricts Addition to 8% Presumptive Profit in Cattle Feed Trader’s Case, Rejects Full Disallowance of Cash Purchases

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By Mariya Paliwala
ITAT Restricts Addition to 8% Presumptive Profit in Cattle Feed Trader’s Case, Rejects Full Disallowance of Cash Purchases

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The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has granted substantial relief to a small rural trader by restricting the income addition to 8% presumptive profit instead of sustaining the entire addition of cash purchases as unexplained expenditure under Section 69C of the Income Tax Act, 1961.  The bench of Vinay Bhamore (Judicial…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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