https://www.taxtmi.com/caselaws?id=446302 The ITAT Bangalore addressed income estimation for a contractor who split turnover between business income (declaring 6% profit under section 44AD) and income from other sources. The contractor received payments from Mysore City Corporation with TDS deducted under section 194C. The AO accepted the 6% profit rate on part turnover but disputed the classification of remaining income. The tribunal held that all amounts should be treated as business income under Chapter IV Part D, not income from other sources. For the balance turnover of Rs. 3,09,23,045, the tribunal adopted 8.5% net profit rate as offered by the assessee's representative, considering past trends and absence of books/audit. The appeal was partly allowed. en-us Tue, 28 Nov 2023 00:00:00 +0530 Thu, 30 Nov 2023 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446302 The ITAT Bangalore addressed income estimation for a contractor who split turnover between business income (declaring 6% profit under section 44AD) and income from other sources. The contractor received payments from Mysore City Corporation with TDS deducted under section 194C. The AO accepted the 6% profit rate on part turnover but disputed the classification of remaining income. The tribunal held that all amounts should be treated as business income under Chapter IV Part D, not income from other sources. For the balance turnover of Rs. 3,09,23,045, the tribunal adopted 8.5% net profit rate as offered by the assessee's representative, considering past trends and absence of books/audit. The appeal was partly allowed. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446302