Gross receipts calculation for section 44AD includes duty drawback: ITAT Kolkata

Pradeep Modi Vs ITO (ITAT Kolkata) ITAT Kolkata held that duty drawback is part of gross receipts for the purpose of calculation of ‘gross receipts’ under the presumptive taxation as per section 44AD of the Income Tax Act. Thus, appeal allowed. Facts- The assessee is engaged in export business of leather goods, filed its return of income for the AY 2018-19 showing net taxable income of Rs. 5,25,250/-. The further case of the assessee is that the appellant assessee during the said year made export sales of Rs. 64,74,859/- and declared profit @ 6% on presumptive basis as per the deeming prov...