https://www.taxtmi.com/caselaws?id=216873 The Tribunal dismissed the Revenue's appeal and partially allowed the assessee's appeal. It directed the Assessing Officer to calculate income at an 8% net profit rate on total hire charges, without making any additional disallowance under section 40(a)(ia). The Tribunal held that once profit is estimated, no further disallowance should be made under the said section, deeming the lower authorities' actions unwarranted. en-us Mon, 02 Jul 2012 00:00:00 +0530 Mon, 24 Sep 2012 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216873 The Tribunal dismissed the Revenue's appeal and partially allowed the assessee's appeal. It directed the Assessing Officer to calculate income at an 8% net profit rate on total hire charges, without making any additional disallowance under section 40(a)(ia). The Tribunal held that once profit is estimated, no further disallowance should be made under the said section, deeming the lower authorities' actions unwarranted. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216873