https://www.taxtmi.com/caselaws?id=427920 The Appellate Tribunal ITAT VISAKHAPATNAM allowed the appeals of a coaching institute in a case involving the assessment of unaccounted gross receipts as total income. The Tribunal held that taxing the entire gross receipts without considering expenses was not justifiable. The appellant's contention that the net profit ratio should be reduced to 18% based on admitted income during survey proceedings was accepted. The Tribunal found that certain expenses must have been incurred by the assessee in earning the undisclosed income, leading to the allowance of the appeals. en-us Thu, 21 Jul 2022 00:00:00 +0530 Tue, 20 Sep 2022 08:19:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427920 The Appellate Tribunal ITAT VISAKHAPATNAM allowed the appeals of a coaching institute in a case involving the assessment of unaccounted gross receipts as total income. The Tribunal held that taxing the entire gross receipts without considering expenses was not justifiable. The appellant's contention that the net profit ratio should be reduced to 18% based on admitted income during survey proceedings was accepted. The Tribunal found that certain expenses must have been incurred by the assessee in earning the undisclosed income, leading to the allowance of the appeals. Case-Laws Income Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427920