https://www.taxtmi.com/caselaws?id=214576 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs.32,62,140/- under section 40(a)(ia) of the Income Tax Act. The Tribunal found that the assessee qualified under section 44AD, as gross receipts were below Rs. 40,00,000/-, and the net profit declared at 8% of gross receipts satisfied the requirements. As per the Tribunal, the assessee was not obligated to maintain books of accounts under section 44AD, and the addition made by the Commissioner was deemed unsustainable. Both the Revenue's appeal and the Cross Objection filed by the assessee were dismissed. en-us Fri, 11 May 2012 00:00:00 +0530 Tue, 17 Jul 2012 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214576 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the addition of Rs.32,62,140/- under section 40(a)(ia) of the Income Tax Act. The Tribunal found that the assessee qualified under section 44AD, as gross receipts were below Rs. 40,00,000/-, and the net profit declared at 8% of gross receipts satisfied the requirements. As per the Tribunal, the assessee was not obligated to maintain books of accounts under section 44AD, and the addition made by the Commissioner was deemed unsustainable. Both the Revenue's appeal and the Cross Objection filed by the assessee were dismissed. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214576