ITAT Directs AO to Recompute Income Under Section 44AD Using Correct Turnover

Mintu Mallick Vs ITO (ITAT Kolkata)

Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has remanded a case back to the Assessing Officer (AO) for fresh adjudication, directing the officer to re-calculate the assessee’s income based on the correct turnover figure available in the Profit & Loss (P&L) account rather than treating a discrepancy as unexplained money.

The case involves Mintu Mallick, a building materials trader, who faced reassessment proceedings under Section 147 of the Income Tax Act, 1961, aft

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