https://www.taxtmi.com/caselaws?id=448143 ITAT Hyderabad modified CIT(A) order directing AO to adopt 15% profit rate on unaccounted receipts of Rs. 68.17 crores for AY 2016-17 to 2020-21, considering assessee already offered Rs. 6 crores additional income. Tribunal upheld CIT(A) deletion of disallowance u/s 40A(3) following jurisdictional HC precedent that no disallowance applies when books are rejected and profit estimated. Assessment u/s 153A validity confirmed as incriminating material found during search. CIT(A) deletion of excess expenditure addition upheld as AO impermissibly reviewed own survey decision. TDS credit issue restored to AO for verification. Personal expenditure disallowance deleted following HC ruling that expenses get subsumed in profit estimation. Section 28(vi)(a) provisions held inapplicable to built-up area received by developer. en-us Tue, 31 Oct 2023 00:00:00 +0530 Thu, 11 Jan 2024 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448143 ITAT Hyderabad modified CIT(A) order directing AO to adopt 15% profit rate on unaccounted receipts of Rs. 68.17 crores for AY 2016-17 to 2020-21, considering assessee already offered Rs. 6 crores additional income. Tribunal upheld CIT(A) deletion of disallowance u/s 40A(3) following jurisdictional HC precedent that no disallowance applies when books are rejected and profit estimated. Assessment u/s 153A validity confirmed as incriminating material found during search. CIT(A) deletion of excess expenditure addition upheld as AO impermissibly reviewed own survey decision. TDS credit issue restored to AO for verification. Personal expenditure disallowance deleted following HC ruling that expenses get subsumed in profit estimation. Section 28(vi)(a) provisions held inapplicable to built-up area received by developer. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448143