Case Law Details
Case Name : R.R. Caryying Corpn. Vs. ACIT (ITAT Cuttack)
Related Assessment Year :
Courts :
All ITAT ITAT Cuttack
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Cuttack bench of the Income Tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. Vs. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount in the case of discrepancies between the sales or receipt amount as per books of accounts and the amount shown in TDS certificate, for tax ability purpose.
Accordingly, the Tribunal directed the Assessing Officer (AO) to adopt the gross profit rate declared by the taxpayer for the assessment year under consideration and compute addition accordingly.
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