The Assessing Officer completed the assessment by making addition of 30 per cent. of the total undeclared turnover as estimated income under the head Profits and gains from business or profession. The Commissioner (Appeals) reduced the addition to 15 per cent. of the undeclared turnover. On appeal the Tribunal held that the net profit rate of 8.24 per cent is accepted. (AY. 2016-17)
Pasura Subbaiah Muthanna v. ITO (2024) 115 ITR 5 (SN)(Bang)(Trib)
S. 44AD : Presumptive basis-Transportation of goods-Difference in Form No 26AS and return of income-Net profit rate of 8. 24 Per Cent declared in return is directed to be accepted. [S.44AB]