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2013 (12) TMI 416 - AT - Income TaxEstimation of income - the assessee is carrying on three kinds of contracts, as in earlier years, i.e.. (i) own contracts, (ii) contracts taken from the sub-contractors, (iii) contracts given to other parties on sub-contracts - Held that:- Following Teja Constructions [2009 (10) TMI 593 - ITAT HYDERABAD] and assessee’s own case for earlier year– The profits of the Assessee are estimated @ 9% on own contract works, 8% on contracts taken by assessee on subcontracts and @ 5% on contracts given by the assessee to 3rd party on subcontracts is before allowing remuneration, interest on capital and depreciation and hence ITAT directed that these amounts should be reduced out of the estimated income - Depreciation is allowable u/s 32 of the IT Act and it falls under the provision of section 30 to 38 - Deemed to have been already given full effect while estimating the income of the assessee - Decided in favour of assessee.
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