TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Appeal success: Net profit rate upheld at 8.15% under section 44AD</h1> <h3>Kangiri Contractor Versus Income-tax Officer</h3> The appeal challenging the order of the CIT(A) regarding the net profit rate and work-in-progress under section 44AD of the Act was disposed of in favor ... Civil construction business Issues involved: Appeal challenging order of CIT(A) u/s 44AD of the Act regarding net profit rate and work-in-progress.Summary:The appeal was filed by the assessee challenging the order of the CIT(A) on the grounds that the case is covered u/s 44AD of the Act as receipts are less than Rs. 40,00,000 and profit is more than 8%. The assessee, a contractor, declared a net profit rate of 8.15% which was contested by the Assessing Officer at 12.5%, later reduced to 9% by CIT(A). The Tribunal found that the case falls under section 44AD, and the net profit rate of 8.15% declared by the assessee is justified. The Assessing Officer was directed to apply this rate on gross receipts, and no separate addition for work-in-progress was warranted as it is part of the business. Consequently, the appeal of the assessee was allowed, and the net profit rate of 8.15% was upheld.In conclusion, the appeal of the assessee was disposed of in favor of the assessee, with the net profit rate of 8.15% being applied on gross receipts as per section 44AD of the Act.
TaxTMI 
