ITAT Orders Income Estimation at 12.5% of Gross Receipts Instead of Disallowing Entire Entries as Bogus Due to Potential Expense Inflation [Read Order]

Considering CIT(A) reasonings and findings, the ITAT orders to estimate the income at 12.5% of gross receipts instead of disallowing all the entires

By Kavi Priya - On October 6, 2024 2:06 pm - 2 mins read

ITAT Tax Orders - ITAT Ruling - Chennai ITAT - Tax Tribunal - Taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ordered income estimation at 12.5% of gross receipts instead of disallowing entire entries as bogus due to potential expense inflation.Irulandi Thevar Vetrivel, the assessee is a contractor engaged in multiple activities, including constructing roads, bridges, tunnels, runways, etc., On March 3, 2021, a search under Section…

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