Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
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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.
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