Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income, as per Section 2(24) of the Income Tax Act, includes losses. Referring to legal precedents, it was established that income encompasses losses. Therefore, the CBDT Instruction on jurisdiction applied to cases of both income and losses over Rs. 30 Lakhs. The DCIT's issuance of notice u/s 143(2) was deemed appropriate. The rejection of the assessee's books of account and estimation of profit at 10% of total receipts were upheld. The assessee's failure to provide proper accounts and evidence led to the rejection. The AO's estimation of income at 10% was considered reasonable, given the nature of the assessee's work and the prescribed rate under the Act. The tribunal declined to interfere with the AO's income estimation.
The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income, as per Section 2(24) of the Income Tax Act, includes losses. Referring to legal precedents, it was established that income encompasses losses. Therefore, the CBDT Instruction on jurisdiction applied to cases of both income and losses over Rs. 30 Lakhs. The DCIT's issuance of notice u/s 143(2) was deemed appropriate. The rejection of the assessee's books of account and estimation of profit at 10% of total receipts were upheld. The assessee's failure to provide proper accounts and evidence led to the rejection. The AO's estimation of income at 10% was considered reasonable, given the nature of the assessee's work and the prescribed rate under the Act. The tribunal declined to interfere with the AO's income estimation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
