Case Law Analysis
|Income Tax Appellate Tribunal
Section 44AD IT Act | Presumptive Taxation Inapplicable Beyond ₹2 Crore Turnover : ITAT Kolkata Reduces Addition to 4%
ITAT Kolkata rules that presumptive taxation under Section 44AD of the Income Tax Act does not apply to businesses with turnover exceeding ₹2 crore, invalidating the 8% addition imposed by the AO. The tribunal reduced the addition to 4% of turnover, setting a precedent for taxpayers in similar disputes.