https://www.taxtmi.com/caselaws?id=753152 ITAT Ahmedabad upheld DCIT's jurisdiction over corporate assessee despite disclosed loss, ruling that income definition under Section 2(24) includes losses per SC precedent in Harprasad Co. case. Tribunal also sustained AO's rejection of books of account and 10% profit estimation on total receipts, finding assessee failed to provide required documentation and cooperate. The 10% estimation rate was deemed reasonable, aligning with presumptive taxation under Section 44BBB for construction businesses. Both jurisdictional challenge and quantum assessment were dismissed. en-us Thu, 09 May 2024 00:00:00 +0530 Sun, 26 May 2024 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753152 ITAT Ahmedabad upheld DCIT's jurisdiction over corporate assessee despite disclosed loss, ruling that income definition under Section 2(24) includes losses per SC precedent in Harprasad Co. case. Tribunal also sustained AO's rejection of books of account and 10% profit estimation on total receipts, finding assessee failed to provide required documentation and cooperate. The 10% estimation rate was deemed reasonable, aligning with presumptive taxation under Section 44BBB for construction businesses. Both jurisdictional challenge and quantum assessment were dismissed. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753152