https://www.taxtmi.com/caselaws?id=753400 ITAT Hyderabad upheld CIT(A)'s decision to estimate assessee's income following binding precedents from earlier years. The Tribunal modified profit estimation from 12.5% to 11.5% on contract work. Revenue's appeals were dismissed regarding section 80-IA(4) deduction disallowance, interest disallowance under section 14A, and business promotion expenses. The Tribunal confirmed that when income is estimated after rejecting books of accounts, additional disallowances under section 40A(3) cannot be made. CIT(A)'s factual findings on cash payments at remote construction sites and business-related expenditures were upheld as justified business expenses. en-us Thu, 11 Jan 2024 00:00:00 +0530 Fri, 31 May 2024 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753400 ITAT Hyderabad upheld CIT(A)'s decision to estimate assessee's income following binding precedents from earlier years. The Tribunal modified profit estimation from 12.5% to 11.5% on contract work. Revenue's appeals were dismissed regarding section 80-IA(4) deduction disallowance, interest disallowance under section 14A, and business promotion expenses. The Tribunal confirmed that when income is estimated after rejecting books of accounts, additional disallowances under section 40A(3) cannot be made. CIT(A)'s factual findings on cash payments at remote construction sites and business-related expenditures were upheld as justified business expenses. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753400