Estimation of income on sub-contract receipts - Revenue fails to ...

Case Laws Income Tax

April 10, 2021

Estimation of income on sub-contract receipts - Revenue fails to dispute clinching fact that the assessee’s books have indicated the impugned receipts from scrap sales than any ‘other’ source inviting application of Section 57 of the Act. We conclude in this factual backdrop that the assessee’s scrap sales income deserves to be treated under the regular business head followed by assessment thereof @8%. - AT

View Source

← Previous Next →

Estimation of income on sub-contract receipts - Revenue fails to ...

Case Laws Income Tax

April 10, 2021

You may also like:

Expenditure claimed by assessee lacked nexus with income, unable to prove sub-contractors' expenses debited represented contract receipts or work-in-progress. CIT(A)...

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...

Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

Capital receipt or revenue receipt - receipt of compensation under JV agreement - surrender of certain rights - there as no impairment of source of income - taxable as...

Estimation of income @10% - Treatment of interest on fixed deposits as integral part of business activity while estimating the income - The interest income and similarly...

Estimation of income - garnered transportation receipts - Applicability u/s 44AD for receipts on account of truck plying business - If in case the assessee is unable to...

Addition u/s. 40(a)(ia) - assessee's failure to deduct TDS on Labour Contract Expenses - Sub-contractor No. 4 & 5 have not filed their return of income, so there is no...

The High Court considered a case involving the nature of a receipt received by a company for relinquishing its right to operate a hotel under a license agreement. The...

Once it is established that the concerned sub-contract work was actually done or executed and this fact was accepted even by the A.O. by allowing partly the sub-contract...

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...

Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the...

Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

Exemption u/s 11 - hundi receipts embedded with specific purpose of corpus donation u/s. 11(1)(d) - The foregoing legal maxim also does not apply here. The clinching...

Revenue receipt or capital receipt - there is no justification to treat the receipt of life membership subscription of the magazine differently other than the income receipt.

Income accrued India - applying the tax rate as per section 115A OR tax rate as per the DTAA between India and Spain - in all cases of concessional taxation on gross...

Quick Updates: