M/s Kumar Foods Industries Ltd. vs ACIT

Parties Involved

Facts Summary

The assessee, M/s Kumar Foods Industries Ltd., filed seven appeals against the CIT(A)-29, New Delhi’s order dated 22.10.2018 for Assessment Years 2009-10 to 2015-16. The assessee challenged the rejection of its books and the estimation of turnover at 2.25% GP. The Revenue argued that the departmental authorities had conducted a search on 20.03.2015 leading to the initiation of section 153A proceedings and the impugned assessment. The lower authorities did not verify the turnover in each instance and reduced the alleged 'bogus' transactions from the admitted turnover.…

Legal Issues

• 1. Rejection of books and estimation of turnover at 2.25% GP.

Judgment Outcome

Decided in favour of Assessee.

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