https://www.taxtmi.com/caselaws?id=120126 Presumptive taxation under section 44AD deems income at the prescribed percentage of gross receipts, limiting enhancement of income without supporting material. An admission recorded during a survey under section 133A lacks the evidentiary status of a sworn statement under section 132(4) and cannot, by itself, support addition of the entire alleged on-money as taxable profit. Where receipts remain within the statutory eligibility limit and returned income exceeds the deemed minimum, an additional income adjustment requires corroborative evidence establishing taxable profit beyond the presumptive computation. en-us Mon, 12 Jun 2006 00:00:00 +0530 Wed, 13 Mar 2024 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120126 Presumptive taxation under section 44AD deems income at the prescribed percentage of gross receipts, limiting enhancement of income without supporting material. An admission recorded during a survey under section 133A lacks the evidentiary status of a sworn statement under section 132(4) and cannot, by itself, support addition of the entire alleged on-money as taxable profit. Where receipts remain within the statutory eligibility limit and returned income exceeds the deemed minimum, an additional income adjustment requires corroborative evidence establishing taxable profit beyond the presumptive computation. Case-Laws Income Tax Mon, 12 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120126