Tag: presumptive taxation

Assessee could not be faulted for showing only cash in hand and bank balance as capital following presumptive taxation when there was no mandate to provide particular set of information in ITR In a recent judgment, ITAT has held that when assesse had taken a recourse to filing …

Declaring deemed profit u/s 44AE against business payments claimed as expenditure by related party was legal tax-planning – ITAT In a recent judgment, ITAT Delhi has upheld the finding of CIT(A) that transactions with related party who claimed 100 % expenditure of payments made to assessee who in …

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 …

Income Tax Penalty u/s 271AAB deleted as assessee was declaring income on presumptive basis, was not required to maintain books and addition was made on estimated basis. ABCAUS Neutral Case Law Citation:ABCAUS 3680 (2023) (03) ITAT In the instant case, the assessee had challenged the order passed by …

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 …

Presumptive tax u/s 44AE – No addition for cash deposit in bank made out of business receipts unless rebutted by cogent findings ABCAUS Case Law Citation:ABCAUS 3197 (2019) (12) ITAT Important case law relied upon by the parties:CIT vs. Nitin Soni (2012) 21 taxmann.com 477. The instant appeal …

Presumptive Tax u/s 44AE-Heavy Vehicle weight to be used, gross, laden or unladen. CBDT clarification for computing profits and gains of heavy goods vehicle F.No.225/233/2019/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes New Delhi, 14th August,2019 ToThe Secretary GeneralAll India Motor Transport Congress New Delhi Sir, Subject: …

Presumptive Tax u/s 44ADA-reduce tax rate, increase threshold says ICAI in its Pre-Budget Memorandum-2019 on Direct Taxes and International Tax to the Government The Finance Act, 2016 has inserted a new section 44ADA which provide for special provision for computing profits and gains of profession on presumptive basis. …

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 …

When assessee not maintained books of account and filed under presumptive section, cash deposit in bank were correlated to the turnover – ITAT ABCAUS Case Law Citation: ABCAUS 2767 (2019) (02) ITAT The appellant assessee had sought to set aside the impugned order passed by CIT (Appeals) in holding …