Section 44AD/44AF apply to presumptive assessment & not apply to Companies

ACIT Vs Asahi Infrastructure & Project Ltd (ITAT Mumbai) The main point of contention in the case is the inappropriate application of sections 44AD and 44AF to Asahi Infrastructure & Project Ltd by the AO (Assessing Officer). This miscalculation resulted in an inflated assessment of the company’s income at Rs.40,81,308. The company’s total turnover stands at Rs.20,40,65,412, audited under the provisions of the Companies Act, 1956, and section 44AB of the Income Tax Act. Notably, sections 44AD and 44AF pertain only to businesses with a turnover of Rs.40.00 lacs or less, which do...