Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (4) TMI 814 - ITAT SURATAddition of entire professional receipts as 100% business profit of the appellant - Denial of benefit of Life Insurance Premium, housing loan interest and repayment of housing loan - HELD THAT:- We note that assessee has filed his return of income in compliance to notice u/s 148 and subsequently claimed the TDS deducted on his professional receipts and other TDS deducted on the interest income etc. NFAC/Ld. CIT(A) did not consider assessee’s case in accordance with law and confirmed the action of Assessing Officer blindly. Assessee is a small professional and his gross receipts are to the tune of Rs.6,34,765/- only. Therefore, we are of the view that it is justifiable to tax income at the rate of 8% of professional receipts. Therefore, we direct the Assessing Officer to consider the income of the assessee to the tune of Rs.50,781/- on account of professional receipts for the assessment year 2010-11 and frame de novo assessment after giving TDS benefit and deduction under Chapter-VIA of the Act. Appeal of the assessee is allowed.
|