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, after depositing significant cash in his bank account during the demonetisa...