Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
ITAT held that the rejection of books and estimation of business income at 25% or 8% of undisclosed advertisement contract receipts was arbitrary and unsupported by comparable cases, industry data, or specific defects in accounts. Considering the assessee's past average profit margin of 3.5%, the thin-margin nature of advertisement agency business, and absence of contrary material, the Tribunal directed estimation of income at 5% of the relevant contract receipts. ITAT further accepted that cash deposits represented business receipts already embedded in the profit estimation; a separate addition would result in impermissible double taxation. Consequently, the assessment was modified and the assessee's appeal was partly allowed.
ITAT held that the rejection of books and estimation of business income at 25% or 8% of undisclosed advertisement contract receipts was arbitrary and unsupported by comparable cases, industry data, or specific defects in accounts. Considering the assessee's past average profit margin of 3.5%, the thin-margin nature of advertisement agency business, and absence of contrary material, the Tribunal directed estimation of income at 5% of the relevant contract receipts. ITAT further accepted that cash deposits represented business receipts already embedded in the profit estimation; a separate addition would result in impermissible double taxation. Consequently, the assessment was modified and the assessee's appeal was partly allowed.
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