https://www.taxtmi.com/caselaws?id=755277 The ITAT Mumbai upheld the AO's decision to apply 20% profit rate on suppressed sales discovered during assessment. The assessee, who had consistently shown profits between 17.36% to 20.58% in current and preceding years, attempted to claim 8% profit rate under section 44AD for admitted turnover. The tribunal rejected this contention, ruling that the assessee cannot adopt contradictory positions after admitting higher profit margins and suppressing turnover. The CIT(A)'s confirmation of 20% profit percentage on detected suppressed sales was upheld, with the appeal decided against the assessee. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 10 Jul 2024 08:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755277 The ITAT Mumbai upheld the AO's decision to apply 20% profit rate on suppressed sales discovered during assessment. The assessee, who had consistently shown profits between 17.36% to 20.58% in current and preceding years, attempted to claim 8% profit rate under section 44AD for admitted turnover. The tribunal rejected this contention, ruling that the assessee cannot adopt contradictory positions after admitting higher profit margins and suppressing turnover. The CIT(A)'s confirmation of 20% profit percentage on detected suppressed sales was upheld, with the appeal decided against the assessee. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755277