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 January 2015 Year 2015 This

Reduction of rate of gross profit from 20.89% adopted in ...

Income Tax

January 19, 2015

Reduction of rate of gross profit from 20.89% adopted in assessment to 8.15% of turnover - Non production of books of accounts was beyond the control of the assessee - gross profits declared by the assessee should be taken at 8.50% which would meet the ends of justice - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. Best judgment assessment - Order of ITAT modified for determining the profit rate @ 8% instead of 12.5% on gross contract receipt subject to allowing depreciation,...

  4. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

  5. 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...

  6. FTS in the given case would be taxed at the beneficial rate of 15% on gross receipts as provided in Article 13(2) of the India-UK DTAA. - the tax liability borne by GRSE...

  7. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

  8. Attribution of profits out of the sales made by the head office - the TPO has accepted the gross profit rate declared at 8.81%. In such a situation, acceptance of gross...

  9. Assessment u/s 144 - Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs.40.00 lacs. This however, does not...

  10. Profiteering - restaurant service - reduction in rate of GST - every recipient/ customer is entitled to the benefit of the tax rate reduction by way of reduced prices...

  11. Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

  12. Important advisory for e-Invoice for Taxpayers having annual turnover exceeding ₹ 20 Crores - SGST

  13. Exemption of Gross Interest u/s 10(15) - exemption under section 10(15) was to be allowed on gross interest and not on the net interest - AT

  14. Refund - Zero rated supplies - Computation of Turnover - sale of duty credit e-Scrips - Rule 42, Rule 89(4) and Rule 89(4B) of the CGST Act - The relevancy of the...

  15. Estimation of gross profit - There is a change in the business model of the assessee as compared to the previous year which has apparently escaped the attention of the...

 

Quick Updates:Latest Updates