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2022 (9) TMI 1092 - AT - Income TaxEstimating net profit by adopting profit rate of 8% on gross receipts - assessee submitted that only the profit embedded in the contractual receipts can be subject to tax and it would be capricious to tax entire receipts as income of the assessee - HELD THAT:- The assessee has not been able to bring forth any supporting evidences in respect of expenses incurred in earning the contractual income. The assessee has cited examples of assessee’s in similar line of business and submitted that the profit margin in their case was less than 5%. Since the assessee has been unable to submit any supporting evidences in respect of expenses before us, we are of the considered view that the ld. CIT(A) has been reasonable in estimating profit by apply the rate of 8%. In the result, we uphold the order of ld. CIT(A) in the instant set of facts.
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