https://www.taxtmi.com/caselaws?id=293769 The Appellate Tribunal ITAT CUTTACK ruled in favor of the transport contractor, overturning the estimation of profit at 5% of gross contract receipts by the lower authorities. The Tribunal found the rejection of books of account and denial of depreciation to be incorrect, emphasizing the importance of factual aspects in profit estimation and compliance with legal provisions. The Tribunal substituted the profit estimation with 3%, aligning with similar cases in the vicinity and ensuring adherence to legal principles and precedents. en-us Mon, 14 Mar 2011 00:00:00 +0530 Tue, 02 Mar 2021 16:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293769 The Appellate Tribunal ITAT CUTTACK ruled in favor of the transport contractor, overturning the estimation of profit at 5% of gross contract receipts by the lower authorities. The Tribunal found the rejection of books of account and denial of depreciation to be incorrect, emphasizing the importance of factual aspects in profit estimation and compliance with legal provisions. The Tribunal substituted the profit estimation with 3%, aligning with similar cases in the vicinity and ensuring adherence to legal principles and precedents. Case-Laws Income Tax Mon, 14 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293769