Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A), considering past orders, estimated 7% profit. However, the Tribunal held that since the assessee had already disclosed 5.99% profit, no further estimation was required. The profit from the disputed Sri Lanka project was part of the total declared profit. Consequently, the assessee's appeal was allowed, and the AO's estimation was rejected by the ITAT (Appellate Tribunal).
In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A), considering past orders, estimated 7% profit. However, the Tribunal held that since the assessee had already disclosed 5.99% profit, no further estimation was required. The profit from the disputed Sri Lanka project was part of the total declared profit. Consequently, the assessee's appeal was allowed, and the AO's estimation was rejected by the ITAT (Appellate Tribunal).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
