Assessment of AOP - Addition adopting net profit ratio @ 11.59% ...

Tribunal Rules AOP Not Liable for Additional Tax; CBDT Circular Requirements Met, Members Already Taxed on Amount.

December 5, 2019

Case Laws     Income Tax     HC

Assessment of AOP - Addition adopting net profit ratio @ 11.59% of the gross receipts - Tribunal as a matter of fact has found that the requirements of CBDT circular referred to hereinabove are duly satisfied in the case of the assessee and hence, once the amount has been offered to tax by its members, the assessee could not be saddled with the liability to pay tax in respect of the same amount.

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