https://www.taxtmi.com/caselaws?id=303911 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and affirming the estimation of the appellant's profit at 12% based on the unique circumstances of the transport business and the lack of genuine expenses. The Tribunal found that disallowance under section 40(a)(ia) was not applicable as the expenses were deemed genuine, rejecting the AO's assessment of the entire receipts as income and emphasizing that tax should be determined on income, not turnover. en-us Fri, 24 Aug 2018 00:00:00 +0530 Wed, 24 Aug 2022 22:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303911 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal and affirming the estimation of the appellant's profit at 12% based on the unique circumstances of the transport business and the lack of genuine expenses. The Tribunal found that disallowance under section 40(a)(ia) was not applicable as the expenses were deemed genuine, rejecting the AO's assessment of the entire receipts as income and emphasizing that tax should be determined on income, not turnover. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303911