https://www.taxtmi.com/caselaws?id=418336 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision to add Rs. 15 crore as income from other sources. The Tribunal found that the sub-contractors were genuine entities, contrary to the AO's belief, and that the addition was based on presumption without concrete evidence. Referring to precedent, the Tribunal held that only the profit from such receipts could be taxed, not the entire amount, and since the assessee had declared a net profit on the contract receipt, no further addition was warranted. en-us Wed, 09 Feb 2022 00:00:00 +0530 Tue, 15 Feb 2022 06:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418336 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision to add Rs. 15 crore as income from other sources. The Tribunal found that the sub-contractors were genuine entities, contrary to the AO's belief, and that the addition was based on presumption without concrete evidence. Referring to precedent, the Tribunal held that only the profit from such receipts could be taxed, not the entire amount, and since the assessee had declared a net profit on the contract receipt, no further addition was warranted. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418336