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

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