https://www.taxtmi.com/highlights?id=83836 The assessee, a domestic company, contested the tax rate applied by the authorities for the assessment year 2018-19. The Finance Act, 2017 introduced a concessional tax rate of 25% for domestic companies with a turnover not exceeding Rs. 50 crores in the base year 2015-16. The assessee's audited turnover for 2015-16 was Rs. 51.19 crores, including inter-branch transfers of Rs. 1.41 crores. Excluding inter-branch transfers, the revised turnover was Rs. 49.77 crores, qualifying for the concessional rate. The authorities erroneously included inter-branch transfers in turnover, contrary to statutory provisions and accounting principles. The Appellate Tribunal set aside the orders, directing the Assessing Officer to exclude inter-branch transfer..... en-us Tue, 10 Dec 2024 08:58:16 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83836 The assessee, a domestic company, contested the tax rate applied by the authorities for the assessment year 2018-19. The Finance Act, 2017 introduced a concessional tax rate of 25% for domestic companies with a turnover not exceeding Rs. 50 crores in the base year 2015-16. The assessee's audited turnover for 2015-16 was Rs. 51.19 crores, including inter-branch transfers of Rs. 1.41 crores. Excluding inter-branch transfers, the revised turnover was Rs. 49.77 crores, qualifying for the concessional rate. The authorities erroneously included inter-branch transfers in turnover, contrary to statutory provisions and accounting principles. The Appellate Tribunal set aside the orders, directing the Assessing Officer to exclude inter-branch transfer..... Highlights Income Tax Tue, 10 Dec 2024 08:58:16 +0530 https://www.taxtmi.com/highlights?id=83836