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HomeDirect TaxITAT Restricts Arbitrary 2% Income Estimation, Applies 0.40% GP Rate; Penalty Deleted

ITAT Restricts Arbitrary 2% Income Estimation, Applies 0.40% GP Rate; Penalty Deleted

Direct Tax

Published on

By Mariya Paliwala
itat

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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has curtailed arbitrary estimation of income by the tax department and granted substantial relief to the assessee, holding that estimation must be grounded in past trends and factual business realities rather than ad hoc assumptions.  The Bench of Sudhir Kumar (Judicial Member) and S. Rifaur…

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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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