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 May 2017 Year 2017 This

Escapement of income - works contract - A.O. directed to ...

Case Laws     Income Tax

May 3, 2017

Escapement of income - works contract - A.O. directed to estimate net profit of 10% on main contract works and 7% on sub contract works, net of all expenditure including depreciation, but subject to further deductions towards interest on capital and remuneration to partners u/s 40(b) - AT

View Source

 


 

You may also like:

  1. 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

  2. The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

  3. The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

  4. Applying net profit rate of 10% on the contract receipts - Section 44AD - where the turnover was exceeding the prescribed limit, the CIT(A) was justified in estimated...

  5. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

  6. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

  7. Rejection of books of accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under...

  8. Denial of exemption u/s 10(46) was incorrect - petitioner was not systematically indulging in commercial activities with profit motive - loans extended were not for...

  9. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

  10. 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...

  11. Estimating net profit by applying 1.33% rate on estimated gross receipts based on audited profit & loss accounts for previous years. Separate addition for interest,...

  12. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

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

  14. Exemption from service tax - works contract - sub contractor - The appellant can claim the benefit of Sr. No. 29 (h) in respect of service of works contract provided as...

  15. Books of accounts accepted as maintained properly. Net profit not estimated by authorities as gross profit rate improved compared to previous year. Fall in net profit...

 

Quick Updates:Latest Updates