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2018 (6) TMI 1234 - HC - Income TaxGross profit rate of 8% on construction activities - principle of peak balance on undisclosed receipts and payments - assessee engaged in trading of land, development and construction activities - Held that:- Cash transactions concerning the assessee's construction business the Tribunal noted that not the entire receipt but the profit element suggested at the rate of 8% Gross Profit ratio should be taxed. Rent receipts Tribunal confirmed the additions in entirety in absence of any contrary evidence. Assessee's rotation of money for advances on interest Tribunal was of the opinion that only the peak credit and not the entire aggregate of the receipts could be taxed. This the Tribunal held by referring to the judgment of Division Bench of this Court in case of CIT v. Tirupati Construction Co. reported in (2014 (11) TMI 806 - GUJARAT HIGH COURT). No substantial questions of law.
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