https://www.taxtmi.com/highlights?id=82008 The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for non-deduction of TDS. The Tribunal held that when books of accounts are rejected, it is rejected as a whole, and there cannot be part rejection or part acceptance. The Assessing Officer was justified in estimating business profits at a flat percentage of gross contract receipts in the absence of regular books. In such cases, the profit percentage declared by the assessee in earlier years is the best guide. Considering the assessee's earlier years' profit percentages, the Tribunal estimated the contract business profits at 6% on the reduced contract figure after deducting demurrage..... en-us Mon, 07 Oct 2024 09:08:38 +0530 Mon, 07 Oct 2024 09:08:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82008 The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for non-deduction of TDS. The Tribunal held that when books of accounts are rejected, it is rejected as a whole, and there cannot be part rejection or part acceptance. The Assessing Officer was justified in estimating business profits at a flat percentage of gross contract receipts in the absence of regular books. In such cases, the profit percentage declared by the assessee in earlier years is the best guide. Considering the assessee's earlier years' profit percentages, the Tribunal estimated the contract business profits at 6% on the reduced contract figure after deducting demurrage..... Highlights Income Tax Mon, 07 Oct 2024 09:08:38 +0530 https://www.taxtmi.com/highlights?id=82008