https://www.taxtmi.com/caselaws?id=779730 ITAT, DELHI-AT rejected the Revenue's characterization of the twin additions as unexplained cash credit under s.68, holding there was no discussion treating them as such. The Tribunal upheld the lower authorities' estimation of gross profit at 8% for the civil contractor business after rejecting the books. However, it allowed the partners' remuneration claimed in the P&L, ruling that the assessee, assessed as a partnership/AOP, is entitled to benefits under s.40(b); directions for recomputation were given. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 11 Oct 2025 09:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779730 ITAT, DELHI-AT rejected the Revenue's characterization of the twin additions as unexplained cash credit under s.68, holding there was no discussion treating them as such. The Tribunal upheld the lower authorities' estimation of gross profit at 8% for the civil contractor business after rejecting the books. However, it allowed the partners' remuneration claimed in the P&L, ruling that the assessee, assessed as a partnership/AOP, is entitled to benefits under s.40(b); directions for recomputation were given. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779730