https://www.taxtmi.com/caselaws?id=71549 The appeal challenged a block assessment order adding unexplained expenditures in a road construction business. The Assessing Officer rejected reliance on section 44AD, citing Chapter XIV-B. The Tribunal disagreed, holding that section 44AD applies to search cases and deems profits at 8% of gross receipts, covering expenses. As the expenses fell within the deemed profit margin with statutory allowances factored in, the addition was deleted. Grounds 5, 7, 8, 9, and 10 were disposed of accordingly. Other grounds were dismissed, and the appeal was partly allowed. en-us Wed, 07 Apr 1999 00:00:00 +0530 Mon, 15 Feb 2016 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71549 The appeal challenged a block assessment order adding unexplained expenditures in a road construction business. The Assessing Officer rejected reliance on section 44AD, citing Chapter XIV-B. The Tribunal disagreed, holding that section 44AD applies to search cases and deems profits at 8% of gross receipts, covering expenses. As the expenses fell within the deemed profit margin with statutory allowances factored in, the addition was deleted. Grounds 5, 7, 8, 9, and 10 were disposed of accordingly. Other grounds were dismissed, and the appeal was partly allowed. Case-Laws Income Tax Wed, 07 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71549