Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 340 - AT - Income TaxAssessment of income - Held that:- AO can adopt 8% of the sales turnover as income of the year. Even though there was a plea for allowing depreciation and interest from that amount, considering the past record of assessee and the orders of Co-ordinate Bench, we determine the Net Profit of 8% on the sales disclosed by assessee, which should justify the parties on the facts of the case. Accordingly, we modify the orders of CIT(A) and allow the grounds of assessee partly.
|