https://www.taxtmi.com/caselaws?id=284321 The ITAT dismissed the revenue's appeal challenging the deletion of a trading addition, directing the use of a 5.85% net profit rate instead of the 6.5% adopted by the CIT(A). The assessee's cross objection regarding the rejection of books of account and trading addition was partially allowed, leading to the deletion of part of the trading addition. The ITAT upheld the treatment of interest on Fixed Deposit Receipts (FDRs) as business income, linked to contracts with the government. The judgment clarified the application of net profit rates and the treatment of interest income, ensuring a fair resolution for both parties. en-us Thu, 12 Jun 2014 00:00:00 +0530 Tue, 12 Nov 2019 15:16:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284321 The ITAT dismissed the revenue's appeal challenging the deletion of a trading addition, directing the use of a 5.85% net profit rate instead of the 6.5% adopted by the CIT(A). The assessee's cross objection regarding the rejection of books of account and trading addition was partially allowed, leading to the deletion of part of the trading addition. The ITAT upheld the treatment of interest on Fixed Deposit Receipts (FDRs) as business income, linked to contracts with the government. The judgment clarified the application of net profit rates and the treatment of interest income, ensuring a fair resolution for both parties. Case-Laws Income Tax Thu, 12 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284321