https://www.taxtmi.com/caselaws?id=218075 The ITAT dismissed the Revenue's appeal for assessment year 2005-06, upholding the CIT(A)'s direction to estimate net profit at 8% on gross receipts without further allowance. For assessment year 2006-07, the ITAT set aside the CIT(A)'s decision on disallowances under S. 40(a)(ia), cash payments, and car depreciation, remanding all issues for fresh adjudication. The ITAT emphasized the need for a relook at the S. 40(a)(ia) disallowance in light of recent decisions, directing the CIT(A) to re-adjudicate the appeal with consideration of all relevant factors and fair hearing for both parties. en-us Fri, 18 May 2012 00:00:00 +0530 Sat, 03 Nov 2012 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218075 The ITAT dismissed the Revenue's appeal for assessment year 2005-06, upholding the CIT(A)'s direction to estimate net profit at 8% on gross receipts without further allowance. For assessment year 2006-07, the ITAT set aside the CIT(A)'s decision on disallowances under S. 40(a)(ia), cash payments, and car depreciation, remanding all issues for fresh adjudication. The ITAT emphasized the need for a relook at the S. 40(a)(ia) disallowance in light of recent decisions, directing the CIT(A) to re-adjudicate the appeal with consideration of all relevant factors and fair hearing for both parties. Case-Laws Income Tax Fri, 18 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218075