Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Net profit computation - rejection of books of accounts - when ...


Court Rules No Extra Income Addition if Declared Income Exceeds 8% Benchmark in Works Contract.

September 27, 2016

Case Laws     Income Tax     AT

Net profit computation - rejection of books of accounts - when declared income is more than the estimated income applying 8% of the works contract, no addition can be made - AT

View Source

 


 

You may also like:

  1. Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

  2. Valuation - Job-worked goods - governed by Rule 8 of Central Excise (Valuation) Rules, 2000 or on cost construction method i.e. cost of raw material plus job charges? -...

  3. Job work - valuation under central excise - Rule 10A(i) or (ii) or Rule 8 of the Valuation Rules will not apply in respect of job worked goods consumed by the principal...

  4. Valuation of goods - Applicability of Rule 8 on Job work - Rule 8 and Rule 9 are not applicable - Once Rule 8 is not applicable in the case of the respondent, it is Rule...

  5. Sale of goods in the SEZ - works contract - Appellate authority has failed to appreciate the fact that it is not possible to abide by sub-rule (2A) of rule 42 of the...

  6. The AAR ruled on GST implications in an EPC contract between the applicant and IOCL. The contract was determined to be a single, composite works contract rather than a...

  7. CENVAT Credit - restrictions in using the cenvat credit for payment of duty for the clearances - Pursuant to quashing of Rule 8(3A) by the Hon’ble Gujarat High Court,...

  8. Construction service - works contract - Rate of tax on goods supplied under the contract, independent of the Works Contract being executed in the contract. -...

  9. Vires of Rule 8(3A) of the Central Excise Rules, 2002 - At least four different High Courts have struck down the constitutional validity of Rule 8(3A) of Central Excise...

  10. Since Appellant were paying the duty utilizing the CENVAT Credit they cannot be charged for contravention of the provisions of Rule 4, 8(1), 8(3) & 8(3A) of the Central...

  11. Scope of the term Railways Works contract in relation to Mumbai Railway Vikas Corporation Ltd (MRVC) - The definition of 'Works Contract' do not state that the...

  12. The High Court dismissed the petition challenging the assessment orders levying commercial tax under the Commercial Tax Act and Entry Tax Act. The key points are: The...

  13. Constitutional validity of Rule 8(3A) of the Central Excise Rules 2002 - Condition contained in sub-rule (3A) of rule 8 for payment of duty without utilizing the cenvat...

  14. Refund claim - Rule 5 of Cenvat Credit Rules, 2004 - works contract service were not used for construction or execution of works contract of building or civil structure...

  15. Eligibility of avail ITC - Works contract services - input services - Housing society - The society itself is not works contract service provider, nor it is in the...

 

Quick Updates:Latest Updates