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2016 (11) TMI 1641 - HC - Income TaxAddition on account of higher rate of profit - both the authorities have increased the net profit rate from 10% to 11.5% - HELD THAT:- Taking into account the previous year the assessee's assessment was accepted at 10% G.P. No reasons are adopted by the Tribunal raise the net profit from 10% to 11.5%. In that view of the matter, the first issue is answered in favour of the assessee. Tribunal holding that while arriving at net profit rate, salary paid to Managing Director would not be allowed as a deduction to the appellant - HELD THAT:- The Tribunal has considered the application of net profit rate as 11.5% and not 10%, in our opinion the net profit rate has to be assessed at 10%. No other expenses are allowed.
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