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2024 (3) TMI 515 - ITAT VISAKHAPATNAMRejection of books of accounts - estimation of income from business - CIT(A)-NFAC granted relief by reducing the estimated profits to 8% of main contracts and 5% of sub-contracts as against 12.5% of main contracts and 8% of the sub-contract works estimated by the Ld. AO - HELD THAT:- We find that the Ld. CIT(A)-NFAC has granted substantial relief to the assessee and this Bench of the Tribunal has consistently held that while estimating the profits, it shall be 8% on the main contracts and 5% on the sub-contract work. The Ld. CIT (A)-NFAC has relied on the decision of this Bench in the case of M/s. K. Venkata Raju [2022 (4) TMI 960 - ITAT VISAKHAPATNAM] and accordingly estimated the income of the assessee. No merit in the argument of the Ld. AR and we have no hesitation uphold the decision of the Ld. CIT(A)-NFAC and dismiss the grounds raised by the assessee.
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