Tag: presumptive tax u/s 44AD
Net Profit rate of about 40% not possible in contract work especially when assessee does contract work for government department – ITAT In a recent judgment, ITAT Pune upheld estimating net profit @ 8% against addition on account of alleged payments to bogus sub contractors made by the …
CIT(A) directed to consider rectification application u/s 154 against CPC adjustment made u/s 143(1)(a) In a recent judgment, ITAT has directed CIT(A), NFAC to consider rectification application filed by assessee u/s 154 against CPC adjustment made u/s 143(1)(a). ABCAUS Case Law Citation:ABCAUS 3889 (2024) (03) ITAT In the …
50 percent expenditure allowed from Consultancy services without proof of expenses in view of the provisions of section 44ADA ABACUS Case Law CitationABCAUS 3350 (2020) (07) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order of the AO …
Increase in threshold limits for presumptive taxation schemes u/s 44AD and section 44ADA Under the existing provisions of Section 44AD of the Income Tax Act 1961 a presumptive income scheme is provided for small businesses. This scheme applies to certain resident assessees (i.e.,an individual, HUF or a …
Addition for cash deposit in bank set aside where AO accepted the turnover under presumptive taxation ABCAUS Case Law CitationABCAUS 3584 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition on account of unexplained cash deposited …
Construction of flats purchasing land amounts to civil construction and profit earned thereon, are eligible for taxation U/s 44AD of the Income Tax Act ABCAUS Case Law Citation: ABCAUS 3005 (2019) (06) ITAT The AO received information from the Director of Income Tax (Inv) that the assessee had …
No further disallowance when income is computed u/s 44AD. ITAT directs AO to make assessment u/s 44AD as desired by assessee who earlier declared lower net profits ABCAUS Case Law Citation: ABCAUS 2989 (2019) (06) ITAT The only issue in this appeal filed by the assessee was against …
Cash deposits in bank can be explained as out of gross receipts u/s 44AD from contract business. ITAT deleted addition made on the basis of peak cash credit ABCAUS Case Law Citation: ABCAUS 2818 (2019) (03) ITAT The assessee had challenged the order of the CIT (Appeals) in …
Applicability of section 44AD for Railway Ticket Commission Agent upheld when in addition to booking he has to arrange conveyance to passengers and luggage ABCAUS Case Law Citation: ABCAUS 2754 (2019) (01) ITAT The assessee had challenged the order of the Commissioner of Income Tax (Appeals) on the …
Provisions of Section 44AD not apply when the gross receipts is above 40 lakhs. High Court remands the case back to Appellate Tribunal ABCAUS Case Law Citation: ABCAUS 2205 (2018) (02) HC The Challenge/Grievance: The appellant assessee had challenged the order passed by the Income Tax Appellate Tribunal …