https://www.taxtmi.com/caselaws?id=301757 The case involved discrepancies in gross receipts between the ITS details and profit and loss account of a civil contracting firm. The Assessing Officer added undisclosed income to the total income due to the variance in receipts. The Tribunal emphasized the need to apply the net profit rate instead of considering the entire turnover as income, limiting the addition to 5% of the net profit on the gross receipt. The assessee's appeal was partly allowed, providing relief based on these principles. en-us Wed, 11 Aug 2021 00:00:00 +0530 Mon, 18 Apr 2022 20:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301757 The case involved discrepancies in gross receipts between the ITS details and profit and loss account of a civil contracting firm. The Assessing Officer added undisclosed income to the total income due to the variance in receipts. The Tribunal emphasized the need to apply the net profit rate instead of considering the entire turnover as income, limiting the addition to 5% of the net profit on the gross receipt. The assessee's appeal was partly allowed, providing relief based on these principles. Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301757