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 July 2015 Year 2015 This

Estimation of business income of owning fleet and operating as a ...

Income Tax

July 18, 2015

Estimation of business income of owning fleet and operating as a transport contractor - @ 3% of the gross receipts as against 8% estimated by the AO - the past history in Assessee’s case would not be the appropriate yardstick to estimate income. - AT

View Source

 


 

You may also like:

  1. Estimation of income - garnered transportation receipts - Applicability u/s 44AD for receipts on account of truck plying business - If in case the assessee is unable to...

  2. Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

  3. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

  4. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

  5. Rejection of books of accounts u/s 145(3) - trading addition - Once the books of accounts are rejected, the AO is required to estimate the gross profit in the hands of...

  6. 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,...

  7. Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

  8. 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...

  9. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

  10. 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...

 

Quick Updates:Latest Updates