THE DCIT, VIJAYAWADA vs. M/S SRI SAI LAKSHMI CONSTRUCTIONS & CO, VIJAYAWADA

PDF · subscribers
ITA 262/VIZ/2015Status: DisposedITAT Visakhapatnam06 February 2019AY 2008-097 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal upheld its earlier order to estimate net profit at 10% on main contracts and 7% on sub-contracts, subject to further deductions. However, it stipulated that the resultant income should not be less than the returned income.

What were the facts?

The revenue appealed against the CIT(A)'s order, and the assessee filed cross-objections. The ITAT had previously directed estimation of income at 10% on main contracts and 7% on sub-contracts, net of expenses, with further deductions. Both parties filed miscellaneous applications regarding the effect of this order.

What were the issues?

The primary issue was the estimation of net profit for contract receipts when books of accounts were rejected. The tribunal also considered the minimum income to be assessed after giving effect to its order.

Which sections of the Income-tax Act were involved?

Section 40(b),Section 145(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO& SHRI D.S. SUNDER SINGH

For Appellant: DR प्रत्यधथीकीओरसे/
Hearing: 24.01.2019Pronounced: 06.02.2019

Heard together (2 matters)

I.T.A.No.262/Viz/2015
CO No.14/Viz/2017

Read from the judgment's own cause title. This page is filed under one of them.

आदेशकीप्रतितितिअग्रेतिि/Copy of the order forwarded to:- 1. ननधधाररती/ TheAssessee-M/s Sri Sai Lakshmi Constructions & Co.,D.No.59- 7-11/2, Sri SaiNilayam, AcharyaRanga Street, Ramachandra Nagar, Vijayawada 2. रधजस्व/The Revenue –Dy.Commissionerof Income-Tax, Circle-2(1), Vijayawada 3. The Pr.Commissioner of Income Tax, Vijayawada 4. Commissioner of Income-Tax (Appeals),Vijayawada 5. तिभागीयप्रतितिति, आयकरअिीिीयअतिकरण, तिशाखािटणम/DR, ITAT, Visakhapatnam 6.गार्डफ़ाईि / Guard file

आदेशािुसार / BY ORDER // True Copy //

Sr. Private Secretary ITAT, Visakhapatnam

More judgments on Section 40(b)

All 428 judgments and leading authorities on Section 40(b) →

Recent GST High Court judgments

Search GST case law →