https://www.taxtmi.com/caselaws?id=242616 The ITAT upheld the CIT(A)'s order, affirming the estimation of profits for a civil contractor based on past assessments. It allowed depreciation, remuneration, and interest from the estimated income. The addition of liabilities under Section 41(1) was rejected as the liabilities were not verified and were part of the estimated income. The treatment of insurance claim as income from other sources was accepted. The addition of outstanding sundry creditors as income was deleted due to lack of evidence of payment. The Revenue's appeal was partly allowed regarding the treatment of depreciation. en-us Fri, 17 Feb 2012 00:00:00 +0530 Sun, 19 Jan 2014 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242616 The ITAT upheld the CIT(A)'s order, affirming the estimation of profits for a civil contractor based on past assessments. It allowed depreciation, remuneration, and interest from the estimated income. The addition of liabilities under Section 41(1) was rejected as the liabilities were not verified and were part of the estimated income. The treatment of insurance claim as income from other sources was accepted. The addition of outstanding sundry creditors as income was deleted due to lack of evidence of payment. The Revenue's appeal was partly allowed regarding the treatment of depreciation. Case-Laws Income Tax Fri, 17 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242616