https://www.taxtmi.com/caselaws?id=208438 The ITAT partly allowed the appeal, setting aside the DRP's decision and remanding the matter for a fresh assessment. The ITAT directed a reconsideration of the applicability of section 44BB of the Income-tax Act to income from services rendered, emphasizing the need for a detailed analysis of the relevant agreement. Additionally, the arbitrary estimation of taxable income at 25% of gross revenues was also set aside for a new assessment with proper reasoning and consideration of the agreement. The challenge against the levy of interest under sections 234B and 234D was dismissed as the interest levy was found to be mandatory. en-us Tue, 08 Nov 2011 00:00:00 +0530 Fri, 20 Jan 2012 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208438 The ITAT partly allowed the appeal, setting aside the DRP's decision and remanding the matter for a fresh assessment. The ITAT directed a reconsideration of the applicability of section 44BB of the Income-tax Act to income from services rendered, emphasizing the need for a detailed analysis of the relevant agreement. Additionally, the arbitrary estimation of taxable income at 25% of gross revenues was also set aside for a new assessment with proper reasoning and consideration of the agreement. The challenge against the levy of interest under sections 234B and 234D was dismissed as the interest levy was found to be mandatory. Case-Laws Income Tax Tue, 08 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208438