Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
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).
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