https://www.taxtmi.com/caselaws?id=463649 ITAT Agra (AT) set aside prior orders and directed the AO to apply a 5.5% net profit rate on contract receipts (replacing the 6% applied earlier) and to allow depreciation, partner salary and interest separately. The tribunal deleted the disallowance under s.40A(3) because income was determined by applying a net profit rate. The addition for accrued interest on FDR/security deposits was sustained, the mercantile system requiring taxation of accrued interest. The addition under s.68 for partners' capital introductions was deleted and related revenue grounds dismissed. en-us Wed, 10 Feb 2016 00:00:00 +0530 Wed, 10 Sep 2025 19:00:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463649 ITAT Agra (AT) set aside prior orders and directed the AO to apply a 5.5% net profit rate on contract receipts (replacing the 6% applied earlier) and to allow depreciation, partner salary and interest separately. The tribunal deleted the disallowance under s.40A(3) because income was determined by applying a net profit rate. The addition for accrued interest on FDR/security deposits was sustained, the mercantile system requiring taxation of accrued interest. The addition under s.68 for partners' capital introductions was deleted and related revenue grounds dismissed. Case-Laws Income Tax Wed, 10 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463649