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2009 (1) TMI 140 - HC - Income TaxAssessee-company engaged construction business was converted into a public limited company – AO disallowed a sum out of head office expenses and made an addition of 10 % of the amount as estimated profit on contract receipt on ground that some expenditure of the Madras head office should be allocated for the project work for determining the profit – CIT (A) deleted the disallowance made out of HO expenses and addition made of 10 % towards estimated profit on ground that it was another form of depreciation which has already been considered once – ITAT rightly upheld CIT’s order
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