This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Asking to prove 92% of expense defeats purpose of presumptive taxation: ITAT Bangalore
Case Law Details
- Case Name
- Shri Kokkarne Prabhakara Vs. ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-2014
- Courts
- All ITAT, ITAT Bangalore
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Shri Kokkarne Prabhakara Vs. ITO (ITAT Bangalore)
Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92% of gross receipts, would also defeat the purpose of presumptive taxation as provided under section 44AD of the Act or other such provision. Since the scheme of presumptive taxation has been formed in order to avoid the long drawn process of assessment in cases of small traders or in cases of those businesses where the incomes are almost of static quantum of all the businesses, the Assessing Officer could have made the...
