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Cash Addition Reduced: ITAT Cuts Ad Agency Profit Estimate from 8% to 5%
Case Law Details
- Case Name
- Media Adds India Private Limited Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Chennai
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Media Adds India Private Limited Vs ITO (ITAT Chennai)
Past History Prevails—Arbitrary 8% Profit Rate Reduced, Cash Addition Deleted – Thin-Margin Ad Agency Wins: ITAT Cuts Estimation from 8% to 5%
Appeal was filed with a delay of 155 days, supported by affidavit. Tribunal accepted the explanation as bona fide & condoned the delay.
On merits, dispute concerned estimation of business income. Assessee, engaged in advertisement services through newspapers & other media, disclosed contract receipts of ₹8.40 crore with net profit of ₹28.72 lakh (3.42%). Past res...
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