ITAT directs AO to estimate Income from business of purchase & sale of Fish at 4%

Sanjibar Rahman Vs ITO (ITAT Guwahati) Conclusion: No addition could be made to an undisclosed contract receipt from the business of purchase and sale of fish as to some extent, the uniform rate of 8% available in Section 44AD applicable on some contractor was not to be applied on every time on every type of business. AO was directed to take an estimated income at 4% and credit of income disclosed by assessee was to be given. Held: AO had treated the net amount as undisclosed business receipt at Rs.3,1177,632/-. On this amount, he estimated the profit at 8% and made an addition of Rs.24,94,221...