https://www.taxtmi.com/caselaws?id=405237 The Tribunal allowed the appeal regarding disallowance under Section 40(a)(ia) of the Income Tax Act, as the TDS was deposited before the assessment's completion, causing no revenue loss. On the issue of addition of income under Section 28, the Tribunal partly allowed the appeal by directing the AO to estimate profit at 10% of advances received during the relevant financial year, excluding opening balances. The Tribunal found the AO's 15% estimation on total advances, including opening balances, to be excessive. The final order was pronounced on 12/3/2021. en-us Fri, 12 Mar 2021 00:00:00 +0530 Mon, 15 Mar 2021 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405237 The Tribunal allowed the appeal regarding disallowance under Section 40(a)(ia) of the Income Tax Act, as the TDS was deposited before the assessment's completion, causing no revenue loss. On the issue of addition of income under Section 28, the Tribunal partly allowed the appeal by directing the AO to estimate profit at 10% of advances received during the relevant financial year, excluding opening balances. The Tribunal found the AO's 15% estimation on total advances, including opening balances, to be excessive. The final order was pronounced on 12/3/2021. Case-Laws Income Tax Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405237