Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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The ITAT, an Appellate Tribunal, addressed the issue of determining income from futures transactions. The Tribunal held that the AO's addition lacked transparency as no information on the alleged transaction was shared. The CIT(A) accepted the turnover disclosed by the assessee but unreasonably applied a 50% profit rate. Given the acceptance of turnover and the assessee's choice of presumptive taxation u/s 44AD, the statutory 8% profit rate should apply. Consequently, the assessee's appeal was allowed.
The ITAT, an Appellate Tribunal, addressed the issue of determining income from futures transactions. The Tribunal held that the AO's addition lacked transparency as no information on the alleged transaction was shared. The CIT(A) accepted the turnover disclosed by the assessee but unreasonably applied a 50% profit rate. Given the acceptance of turnover and the assessee's choice of presumptive taxation u/s 44AD, the statutory 8% profit rate should apply. Consequently, the assessee's appeal was allowed.
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