Estimation of profit - AO applying a profit rate of 20% on the ...

Tribunal Adjusts Profit Rate to 11% in Tax Dispute, Balances Interests and Ensures Compliance with Regulations.

March 23, 2024

Case Laws Income Tax AT

Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO to apply a profit rate of 14.5% - The ITAT partially upheld the additions but granted relief to the assessee by adjusting the net profit rate to 11% and reducing the additions for provisions based on evidence provided during appellate proceedings. Overall, the tribunal's decision aimed to balance the interests of both parties while ensuring compliance with tax regulations.

View Source

← Previous Next →

Estimation of profit - AO applying a profit rate of 20% on the ...

Tribunal Adjusts Profit Rate to 11% in Tax Dispute, Balances Interests and Ensures Compliance with Regulations.

March 23, 2024

Case Laws Income Tax AT

You may also like:

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

The Income Tax Appellate Tribunal held that the refund granted to the assessee should be first adjusted against the correct amount of interest due, and the remaining...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

The assessee claimed additional interest u/s 244A(1A) for the delayed refund. The AO incorrectly adjusted the refund against the tax component instead of first adjusting...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Interest on refund - Rate of interest - The rate of interest is statutorily prescribed under section 27 (A) read with Notification issued there under according to which...

The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a...

Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

In the ITAT Delhi judgment, the primary issue was the denial of benefit under Article 11 of the India-Cyprus DTAA regarding interest income on Compulsory Convertible...

MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

Exemption u/s 11 - assessee is a charitable Trust and it was granted registration u/s 12A - Denial of exemption as assessee is charging exorbitant interest rates on the...

HC set aside the impugned order regarding time limitation and GSTR-3B/GSTR-2A mismatch dispute. The petitioner's willingness to deposit 25% of disputed tax amount was...

When calculating interest u/s 244A(1), if a refund is granted earlier, it should be adjusted against the interest component first, and the remaining amount, if any,...

Computation of the interest on refund u/s 244A - the judicial proprietary demands that order of the Tribunal of earlier years must be followed and therefore we direct...

Effective date of Change in rate of tax / GST - In case of a notification in the body of which the effective date is not written, the effect of the amending notification...

Quick Updates: