Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Income declared under section 44AD was accepted because the assessee's activity as a Business Correspondent fell within business, not a notified profession under section 44ADA. The Tribunal held that the Assessing Officer could not enhance income by applying a 50% rate on an assumption that the assessee "should have" declared that level of income, since section 44AD and section 44ADA operate in distinct fields. In the absence of material showing ineligibility for section 44AD, suppression of receipts, inflated expenses, or incorrect gross receipts, the 50% estimation had no statutory basis and the addition was deleted.
Income declared under section 44AD was accepted because the assessee's activity as a Business Correspondent fell within business, not a notified profession under section 44ADA. The Tribunal held that the Assessing Officer could not enhance income by applying a 50% rate on an assumption that the assessee "should have" declared that level of income, since section 44AD and section 44ADA operate in distinct fields. In the absence of material showing ineligibility for section 44AD, suppression of receipts, inflated expenses, or incorrect gross receipts, the 50% estimation had no statutory basis and the addition was deleted.
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