Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 1046 - AT - Income TaxRectification of mistake u/s 254 - Estimation of income from contract receipts at 12.5% - Contracts include sub-contracts - income from sub-contracts to be estimated at 8% - interest receipt on bank deposit - Sale of leftover materials - whether sale of scrap or not - Held that:- There was no evidence regarding taking up of subcontract from any other concern - AO is justified in determining the net profit at 12.5% Interest earned on margin money was inextricably connected with the contract of guarantee itself. The entire receipts have to be considered as income as this expenditure has already gone into the Profit and Loss A/c Now the assessee counsel is trying to find a hole in the findings of the Tribunal which is not possible in proceedings u/s. 254(2) of the Act. Accordingly, the plea of the assessee is dismissed. - the contention of the assessee dismissed - Decided against the assessee
|