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2012 (8) TMI 268 - AT - Income TaxBest Judgement assessment - rejection of books of accounts - estimation of income - assessee contesting claim of various expenses not allowed by CIT - Held that:- It is found that direction of the CIT(A) to adopt 7% of the net profit on gross receipts is based on the decision of the ITAT in the case of Atulraj Builders Pvt. Limited. As CIT(A) has given reasons for his findings, no interference is called for. Further, when CIT(A) has directed to adopt the net profit rate of 7% , such estimation of profits covers all the expenses which are allowable u/s. 30 to section 37 of the Act i.e. all the related expenses are deemed to be allowed.
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