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2016 (2) TMI 602 - AT - Income TaxEstimation of profit - Held that:- As relying on case of ACIT V/s. M/s Teja Constructions [2014 (1) TMI 832 - ITAT HYDERABAD] we direct Assessing Officer to estimate the profit from main contract work at 8% and on sub-contract work at 5% of the receipts. Deduction towards interest and remuneration payment to partners - Held that:- It is seen that the Income-tax Appellate Tribunal, Hyderabad Bench in the case of M/s C. Eswara Reddy V/s. CIT (2011 (1) TMI 1238 - ITAT HYDERABAD ) after considering the decision of the jurisdictional High Court in the case of Indwell Construction V/s. CIT (1998 (3) TMI 121 - ANDHRA PRADESH High Court ) as well as the provision contained u/s 44AD of the Act, directed for allowing deduction towards interest and remuneration payment to partners after estimation of income by rejecting books of accounts in case of a firm engaged in executing contract work. Even thereafter in a series of decisions, this Bench of the Tribunal has consistently held a view that deduction towards interest and remuneration payment to partners is to be allowed from profit estimated after rejecting books of account in case of a firm engaged in the business of works contract. In the aforesaid view of the matter, we direct the AO to allow deduction towards payment of interest and remuneration to the partners after estimating the profit
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