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2023 (5) TMI 55 - AT - Income TaxAccrual of income - amount received as advances and retained by the assessee was not refunded to the companies - HELD THAT:- CIT(A) has stated that the profits retained from SRM and Good Earth by the assessee has already been considered while computing the profits from the four projects in the above given assessment years. Accordingly, the ld. CIT(A) has observed that there is no need to retain the above addition separately. Thus, we find no infirmity in the order passed by the ld. CIT(A) on this issue. Accordingly, the ground raised by the Revenue is dismissed. Confirmation of net profit @ 30% being sale of lands at Chavadi - We find that the above estimation of net profit is on higher side. Thus, in the absence of any comparables, we are of the considered opinion that the estimation of net profit @ 15% on sale of the plots would be reasonable. Accordingly, we set aside the order of the ld. CIT(A) on this issue and direct the AO to estimate the net profit @15% towards sale of plots. Thus, the ground raised by the assessee is partly allowed.
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