https://www.taxtmi.com/caselaws?id=277613 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decisions. The net profit rate of 7% was deemed appropriate, bank interest was considered business income, and vehicle income was included in total contract receipts. Section 145(3) of the Income Tax Act was invoked due to incomplete records. The Tribunal allowed the assessee's claims for interest on capital, salary to partners, and depreciation on fixed assets, provided the income did not fall below the returned amount. en-us Wed, 06 Aug 2014 00:00:00 +0530 Fri, 14 Dec 2018 06:40:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277613 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decisions. The net profit rate of 7% was deemed appropriate, bank interest was considered business income, and vehicle income was included in total contract receipts. Section 145(3) of the Income Tax Act was invoked due to incomplete records. The Tribunal allowed the assessee's claims for interest on capital, salary to partners, and depreciation on fixed assets, provided the income did not fall below the returned amount. Case-Laws Income Tax Wed, 06 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277613