ITAT Cuttack Judgments — December 2020

The Tribunal held that the profit rate for wholesale business cannot be applied to retail business. However, it found the 8% estimation excessive and reduced it to 4% of the gross turnover, considering retail profit to be double that of wholesale.

The Tribunal held that the profit rate for wholesale business cannot be applied to retail business. However, it found the 8% estimation excessive and reduced it to 4% of the gross turnover, considering retail profit to be double that of wholesale.

The Tribunal noted the assessee's settlement application under the Vivad Se Vishwas scheme. The appeal was dismissed with the liberty to seek revival if the settlement is rejected for technical reasons.

The Tribunal noted the assessee's settlement application under the Vivad Se Vishwas scheme. It was held that the appeal should be dismissed at this stage, with the option to revive if the settlement is rejected for technical reasons.