The Assessing Officer made addition under section 68 in respect of excess receipts from contract works. CIT(A) deleted the addition. On appeal the Tribunal held that the assessee has shown abnormal profit of more than 92 per cent from sub-contracts of Government construction projects and it has not provided the details of expenses relating to the works contract\u00a0 and the CIT(A) has filed to examine the details of works contracts, accordingly the matter is remitted back to the Assessee for the examination of genuineness of the payments received by the assessee.\u00a0\u00a0 (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68: Cash credit-Abnormal profit of 92 percent from sub-contracts of Government construction projects-CIT(A) failure to examine the details of works contract-Matter remanded to the Assessing Officer to examine of the genuineness of the payments received by the assessee and decide accordingly. [S. 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52716","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dIg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52716"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52716\/revisions"}],"predecessor-version":[{"id":52717,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52716\/revisions\/52717"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}