https://www.taxtmi.com/caselaws?id=120911 The Tribunal dismissed the revenue's appeals for the assessment years 1997-98 and 2001-02, affirming the CIT(A)'s decisions. It upheld the estimation of net profit at 2% of the total turnover, finding the Assessing Officer's 4% estimate hypothetical. The Tribunal also confirmed that labour charges should be included in business profits for deductions under section 80HHC, as they were integral to business operations. Additionally, it agreed with the exclusion of capital receipts from book profits under section 115JB, aligning with the provisions of the Income-tax Act and the Companies Act. en-us Wed, 10 Oct 2007 00:00:00 +0530 Thu, 01 Feb 2024 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120911 The Tribunal dismissed the revenue's appeals for the assessment years 1997-98 and 2001-02, affirming the CIT(A)'s decisions. It upheld the estimation of net profit at 2% of the total turnover, finding the Assessing Officer's 4% estimate hypothetical. The Tribunal also confirmed that labour charges should be included in business profits for deductions under section 80HHC, as they were integral to business operations. Additionally, it agreed with the exclusion of capital receipts from book profits under section 115JB, aligning with the provisions of the Income-tax Act and the Companies Act. Case-Laws Income Tax Wed, 10 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120911