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2012 (3) TMI 139 - ITAT, CHANDIGARHCalculation of Profit - 4.5% of Net Profit - Assesee contended net profit in transportation business ranges 2 to 3 percent even as per 44AE maximum income per truck is 3500 per month - Held That:- The above NP ratio were applied by assessee in earlier two years thus AO is directed to compute the income of the assessee at NP rate of 4.25%. Calculation of Profit - Asseesee argued Net profit @1.75% not justified - Business doubled - Held That:- Having regard to the entirety of the facts and circumstances of the case and submissions made by the ld. ‘AR’ regarding the hike in expenditure and turnover of molasses, as also to meet the ends of natural justice, the AO is directed to apply net profit rate at 1.50% . Thus, the assessee gets partial relief.
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