https://www.taxtmi.com/caselaws?id=440808 The Tribunal upheld the CIT(A)'s decisions, allowing the assessee deductions under Section 80IA(4) as a developer in infrastructure projects, and ruled that only net interest income should be excluded from eligible profits. It reversed the CIT(A) on the Provident Fund issue, disallowing deductions for late payments per the Gujarat HC's precedent. The Tribunal rejected the AO's estimation of a higher GP rate, accepting the declared GP and directing the use of an average GP for future estimations. The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals, aligning with legislative intent and judicial precedents. en-us Wed, 28 Jun 2023 00:00:00 +0530 Fri, 01 Dec 2023 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440808 The Tribunal upheld the CIT(A)'s decisions, allowing the assessee deductions under Section 80IA(4) as a developer in infrastructure projects, and ruled that only net interest income should be excluded from eligible profits. It reversed the CIT(A) on the Provident Fund issue, disallowing deductions for late payments per the Gujarat HC's precedent. The Tribunal rejected the AO's estimation of a higher GP rate, accepting the declared GP and directing the use of an average GP for future estimations. The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals, aligning with legislative intent and judicial precedents. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440808