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2016 (5) TMI 1365 - AT - Income TaxTreating the profit @ 8% of gross receipts - whether the action of the ld. CIT(A) is correct for working the income @ 8% of the gross receipt? - Held that:- From the facts of the case, we find that the nature of the work of the assessee has not been doubted and so in the similar facts and circumstances various Hon’ble courts have held that a reasonable percentage of profit can be worked out. The assessee has declared the profit in its own case for the earlier years and subsequent years, showing very less amount of profit in terms of percentage and the same was accepted by the Revenue. Therefore in our considered view we find no reason to interfere in the order of Ld. CIT(A) and this ground of Revenue’s appeal is dismissed.
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