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2022 (8) TMI 1037 - HC - Income TaxEstimation of profit on on money receipt - Tribunal estimated of 6% of net profit on the total on-money receipts - HELD THAT:- Tribunal was justified in upholding the contention of the assessee that considering the fact that entire money receipts cannot be taxed in entirety and only the profit embedded therein and such receipts is to be considered for arriving at correct, true and real income to be taxed under the provisions of the Act, 1961. Tribunal, after following the decision of PANNA CORPORATION [2014 (11) TMI 797 - GUJARAT HIGH COURT] ,ABHISHEK CORPORATION [1999 (10) TMI 742 - GUJARAT HIGH COURT] AND PRESIDENT INDUSTRIES. [1999 (4) TMI 8 - GUJARAT HIGH COURT]and after considering that the assessee had shown net profit at 4.55% for the assessment year under consideration and 4.59% for A.Y. 2010-11 in the books of account and considering the fact that the project undertaken by the assessee comes under deduction of Section 80IB(10) of the Act, 1961, there was no intention on the part of the assessee to disclose the lower rate of profit and in that view of the matter, the Tribunal estimated 6% net profit of total on-money receipts. Tribunal has not committed any error in estimation of 6% of net profit on the total on-money receipts of the respondent assessee and as such there is no legal infirmity in the impugned order of the Tribunal giving rise to any question of law, much less any substantial question of law, proposed or otherwise. The present Tax Appeal is therefore, summarily dismissed.
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