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

Income from Scrap Sales Assessed u/s 57 at 8% as Regular Business Income.

April 10, 2021

Case Laws Income Tax AT

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 ...

Income from Scrap Sales Assessed u/s 57 at 8% as Regular Business Income.

April 10, 2021

Case Laws Income Tax AT

You may also like:

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

Sale of shares - Capital Gains or business income - it will not be appropriate to assess the income declared by the assessee from sale and purchase of shares as business...

The assessee claimed deduction of brokerage expenses u/s 57(iii) against income from other sources. The Assessing Officer disallowed part of the expenses in proportion...

Agriculture income - composite income - Rule 8 - business of growing, manufacturing and selling of tea - 60% of Premium on import licence, Sale of Scrap, Misc. Garden...

Assessee computed rental income from factory premises under both "income from house property" and business income incorrectly. ITAT held rental income should be...

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

Deduction u/s. 10B - Scrap sales - AO simply rejected the invoice on the ground that the scrap is not generated from the EOU unit. The Assessing Officer has not made any...

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....

Estimation of income - sales have been made truck to truck not loose or petti as done in his own trading sales. It is also admitted facts that the fruits were sent to...

Quick Updates: