Case Law Analysis
|Income Tax Appellate Tribunal
ITAT Amritsar Modifies Profit Estimation to 0.55% After Rejecting Books of Accounts in Liquor Trade | Section 145(3) : ITAT Amritsar
ITAT Amritsar upheld the rejection of books of accounts in the liquor trade but set aside arbitrary profit additions, modifying the net profit estimation to 0.55% on net sales. The ruling emphasizes the need for stronger grounds to reject audited accounts in regulated sectors like liquor distribution.