https://www.taxtmi.com/caselaws?id=215735 The High Court set aside the Tribunal's decision in an income tax case for the assessment year 2003-04. The court held that the authorities erred in applying section 44AD of the Income-tax Act to estimate income from works contracts when the gross receipt exceeded the threshold. It also ruled that interest accrued on security deposits for securing contract work should not be assessed as income from other sources. The judgment favored the appellant, emphasizing the necessity of following relevant laws and circulars in income assessments. The matter was remitted back to the Assessing Officer for a fresh assessment in accordance with the court's interpretations. en-us Mon, 07 May 2012 00:00:00 +0530 Thu, 13 Dec 2012 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215735 The High Court set aside the Tribunal's decision in an income tax case for the assessment year 2003-04. The court held that the authorities erred in applying section 44AD of the Income-tax Act to estimate income from works contracts when the gross receipt exceeded the threshold. It also ruled that interest accrued on security deposits for securing contract work should not be assessed as income from other sources. The judgment favored the appellant, emphasizing the necessity of following relevant laws and circulars in income assessments. The matter was remitted back to the Assessing Officer for a fresh assessment in accordance with the court's interpretations. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215735