ITAT upheld 8% presumptive profit for AY 2015-16 and partly allowed relief for AY 2020-21 by taxing genuine contract receipts on a presumptive basis while denying unproven deductions.

ITAT Upholds 8% Profit Estimation for AY 2015-16; Grants Partial Relief for AY 2020-21

Judgement

The Tribunal agreed with the contention of the assessee and held that even if the assessee is is AOP, only the surplus part can be taxed, not the full gross receipts.

Only Surplus Can be Taxed, Not Full Gross Receipts: ITAT Gives Relief to AOP

ITAT Ahmedabad remanded the Rs. 30.76 crore alleged bogus purchase issue to the AO for fresh verification, including GST ITC reconciliation and supplier cross-checks.

ITAT Restores Bogus Purchase Issue of Rs. 30.76 Crore to AO for Fresh Verification

ITAT held that revision under Section 263 is permissible only where a proper inquiry is lacking and cannot be used to reopen issues already settled in appeal.

Section 263 Valid Only for Unexamined Issues, Cannot Reopen Matters Already Settled in Appeal: ITAT

News

Messi’s reported Rs. 89 crore India tour fee and Rs. 11 crore tax payment have ignited a heated online debate on tax fairness.

Rs. 89 Crore Earnings, Rs. 11 Crore Tax: Netizens Question Messi’s India Tour Deal

Articles

Taxpayers can submit the rectification for Section 80G deduction claim within four years from the end of the relevant assessment year

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ITAT Upholds 8% Profit Estimation for AY 2015-16; Grants Partial Relief for AY 2020-21

Only Surplus Can be Taxed, Not Full Gross Receipts: ITAT Gives Relief to AOP

ITAT Restores Bogus Purchase Issue of Rs. 30.76 Crore to AO for Fresh Verification

Section 263 Valid Only for Unexamined Issues, Cannot Reopen Matters Already Settled in Appeal: ITAT

Rs. 89 Crore Earnings, Rs. 11 Crore Tax: Netizens Question Messi’s India Tour Deal

Got intimation that Donee PAN is not eligible for Section 80G deduction: CA shares solution for correction