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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Applying net profit rate of 10% on the contract receipts - ...

Income Tax

July 10, 2012

Applying net profit rate of 10% on the contract receipts - Section 44AD - where the turnover was exceeding the prescribed limit, the CIT(A) was justified in estimated 10% profit on the gross contract receipts - AT

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  2. Penalty levied u/s 271A - applicability of section 44AD - profit showed at lower rate - Audit was conducted u/s 44AB - AO shall not resort to short cut method of...

  3. Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

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  6. Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

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