CIT(A) Upholds 8% Profit Rate for Joint Venture; Additions Deleted Following Appellate Precedent u/s 143(3).

CIT(A) Upholds 8% Profit Rate for Joint Venture; Additions Deleted Following Appellate Precedent u/s 143(3). https://www.taxtmi.com/highlights?id=56464 NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL the profit rate of 8% is applied in its assessment completed u/s 143(3) of the Act and failed to appreciate the fact that such a high rate of profit as applied was deleted in appellate proceedings in the case of M/s KIEL. - Additions deleted - AT en-us Thu, 28 Jan 2021 10:53:36 +0530 Thu, 28 Jan 2021 10:53:36 +0530 TaxTMI RSS Generator CIT(A) Upholds 8% Profit Rate for Joint Venture; Additions Deleted Following Appellate Precedent u/s 143(3). https://www.taxtmi.com/highlights?id=56464 NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL the profit rate of 8% is applied in its assessment completed u/s 143(3) of the Act and failed to appreciate the fact that such a high rate of profit as applied was deleted in appellate proceedings in the case of M/s KIEL. - Additions deleted - AT Highlights Income Tax Thu, 28 Jan 2021 10:53:36 +0530 https://www.taxtmi.com/highlights?id=56464