Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Method of computing profit rate - assessee's past history was ...

Income Tax

August 8, 2013

Method of computing profit rate - assessee's past history was available and there was no material difference in the facts pertaining to the relevant assessment year and the past history year - additions deleted - HC

View Source

 


 

You may also like:

  1. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

  2. Estimation of income - declaring less GP rate for the year under consideration in comparison to the preceding years - The rejection of books of account would not be ifso...

  3. When direct CUP between the AE and Tata Communications from whom the assessee has taken the network on lease is available then the ALP has to be computed under CUP -...

  4. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

  5. TP adjustment - MAM selection - method used for benchmarking the royalty transaction - It may be true that the assessee aggregated payment of royalty with the...

  6. Profit in the business of development - method of determining the profit - Merely because assessee had followed an unrecognised method to compute taxable income in the...

  7. Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

  8. Estimation of net profit rate - Rejection of books of accounts - Results which are on declining scale are declared on reduced turnover over the past and subsequent years...

  9. Addition u/s 56(2)(viib) - Method of valuation of shares - closely held company issues its shares at a premium - The tribunal sided with the assessee, affirming the FMV...

  10. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

  11. Computation of book profit u/s. 115JB - A.O. took the view that the Provision for bonus is a contingent liability and hence, the same is required to be added to the net...

  12. The percentage of profit vis-a-vis turnover estimated by the AO works out to approximately 43%, which in our humble opinion, is absurd in the line of this business, not...

  13. Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

  14. TP Adjustment - 'arranged' pricing' - TNMM method or CUP method - the superiority of any particular method to arrive at the ALP is ruled out.The TNMM (Transactional Net...

  15. MAT - AO add back the Income-tax paid in Spain while computing book profit u/s. 115JB - only taxes specified in Explanation 2 can be added back while computing book...

 

Quick Updates:Latest Updates