Section 44AD Cannot Apply as Turnover Exceeded Prescribed ₹2 Crore Limit: ITAT Kolkata

Advertisement Jitanshu Goswami Vs ITO (ITAT Kolkata) Summary: The ITAT Kolkata partly allowed the assessee’s appeal concerning estimation of business income for AY 2017-18 arising from trading in agricultural products. The Assessing Officer had rejected the declared net profit of 1.297% on turnover of ₹3.50 crore after the assessee failed to produce books of account and cash book, and estimated income at 8% of turnover, resulting in an addition of ₹23.50 lakh. The CIT(A) upheld the addition by invoking Section 44AD presumptive taxation provisions. However, the Tribunal held that Sect...