AO rightly taxed diff. between GP declared amp; GP estimated by him as there were anomalies in Firm’s financials: ITAT

INCOME TAX : Where assessee claimed deduction under section 80-IC and Commissioner after conducting detailed enquiry found anomalies in financials of assessee and estimated GP at 40 per cent of total turnover for allowability of deduction under section 80-IC as against GP rate disclosed by assessee at 57.01 per cent and taxed difference of 17.01 per cent of gross turnover as income from other sources,INCOME TAX : Where assessee claimed deduction under section 80-IC and Commissioner after conducting detailed enquiry found anomalies in financials of assessee and estimated GP at 40 per cent of total turnover for allowability of deduction under section 80-IC as against GP rate disclosed by assessee at 57.01 per cent and taxed difference of 17.01 per cent of gross turnover as income from other sources,www.taxmann.com Latest Case LawsRead More

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