Estimation of profit - addition of receipts pertaining to ...

Tax Department Must Estimate Contract Profits Fairly, Using Local Knowledge and Past Returns for Accurate Assessments.

June 23, 2022

Case Laws Income Tax AT

Estimation of profit - addition of receipts pertaining to contract receipts not shown in the total turnover and cash deposits into SBI Bank account - Department must act judiciously, while making estimated addition and must be guided by judicial consideration and by rule of justice, equity and good conscience. And also that there must be honest and fair estimate of the proper figure of assessment, for which consideration of local knowledge and repute, besides the previous returns an assessment of the assessee concerned, and all other matters must be taken into account for fair and proper estimate which of course, would fall in the category of guesswork, but a honest guesswork. - AT

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Estimation of profit - addition of receipts pertaining to ...

Tax Department Must Estimate Contract Profits Fairly, Using Local Knowledge and Past Returns for Accurate Assessments.

June 23, 2022

Case Laws Income Tax AT

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