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2015 (11) TMI 1746 - AT - Income TaxEstimation of income of the assessee @ 5% on the cost of goods sold - Held that:- We find that the assessee has not maintained any books of account and therefore, the estimation of income is justified. It is only the rate at which the income is to be estimated is before us. A.O. has estimated the income at 5% of the cost of goods sold, while the assessee is seeking the estimation at 3% of the cost of goods sold. Remuneration paid to the partners to be allowed to be deducted from the estimated income - Held that:- We find that the same is not allowable as the income of the assessee itself has been estimated on the cost of the goods sold and not on the turnover or receipts of the assessee. - Decided against assessee.
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