Disallowance of making charges - If the making charges rate as ...

Income Tax

November 3, 2022

Disallowance of making charges - If the making charges rate as determined by the Revenue at Rs.3/- per gram has to be considered, the aforesaid karigar’s net profit declared by them from the business in their respective tax returns would be higher than the gross receipts of making charges at Rs.3/- per gram. This itself goes to prove that the making charges cannot be at Rs.3/- per gram. - making charges paid by the assessee ranging from Rs.12/- to Rs.13/- per gram is acceptable - AT

View Source

← Previous Next →

Disallowance of making charges - If the making charges rate as ...

Income Tax

November 3, 2022

You may also like:

Addition u/s 40A(3) - allegation of making huge cash payments in excess of Rs. 20,000/- As per the assessment order made u/s 144, no books of accounts were produced - in...

Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

Disallowance u/s 40A(3) r.w.r 6DD - Cash payment - as per the amended provisions, the said provisions shall apply only if the aggregate amount of payments made to single...

Addition u/s 40A - Cash expenditure exceeding the threshold of Rs. 20,000/- - The appellant/assessee argued that the payments made through supervisors, who were...

Jurisdiction of Single Member Bench of the Income Tax Appellate Tribunal - Monetary limit Rs.50 lakhs for hearing Appeal - In the present case, the assessee returned...

SVLDRS - rectification / modification in the order to reject the application - In any event the details which have been referred to in the remarks column of rectified...

Disallowance u/s. 40A(3) - no disallowance can be made u/s. 40A(3) and benefit of rule 6DD(j) will be given to the assessee therein it is contemplated that if payment of...

Disallowance u/s 40A(3) – purchase of bricks for Rs. 2,52,000/- though made in cash but each voucher was for below Rs. 20,000/- section 40A(3) will not apply - AT

Profiteering - ervices by way of admission to exhibition of cinematograph films - the profiteering amount is determined as Rs. 2.66,99,340/- as per the provisions of...

Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

Rate of GST - old rates of GST or new rates - ongoing projects construction of which had started before 01.04.2019 - definition of ‘affordable residential apartment’ has...

Interest expenditure - Since the basic premise with the revenue for making disallowance in the present case U/s 36(1)(iii) was that the assessee had charged less...

Disallowance u/s 14A r.w.r. 8D - the disallowances made u/s 14A of the Act r.w.r. 8D cannot be the subject matter of disallowances while determining the book profit u/s...

Entitled to registration u/s 12AA and approval under Section 80G - Allegation of charging higher rate of interest from the self help groups in the name of charitable...

Disallowance u/s 40A(3) - when the percentage of income is determined for the assessee while rejecting the books of accounts then that itself covers all other expenses...

Quick Updates: