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Addition u/s 68 impermissible as income estimated u/s 44AD of the Income Tax Act
Case Law Details
- Case Name
- Mahendra Kumar Vs NFAC (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Mahendra Kumar Vs NFAC (ITAT Bangalore)
ITAT Bangalore held that as income is estimated under section 44AD of the Income Tax Act, so addition under section 68/69A of the Income Tax Act is impermissible.
Facts-The assessee, an individual engaged in the business of distribution and sale of pharmaceuticals and medicines on rental basis filed its return of income on for A.Y. 2017-18 by declaring an income of Rs.8,27,300/-.
During the course of assessment proceeding, notice u/s. 143(2) of the Act was issued and the assessment was finalised ultimately upon making addition of Rs.1,00,00,000/- in resp...
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