https://www.taxtmi.com/caselaws?id=334876 The Supreme Court clarified that Section 44AD of the Income Tax Act, 1961 applied to the appellant-assessee due to income exceeding Rs. 40,00,000 for the assessment year 2009-2010. The Court set aside the High Court's order and assessment, directing compliance with the law. Delay in related cases was condoned, with the main appeal's order governing. If income fell below Rs. 40,00,000, modification could be sought. The correct application of Section 44AD and implications on depreciation entitlement were upheld, rectifying oversights and ensuring proper assessment based on income thresholds. en-us Tue, 30 Aug 2016 00:00:00 +0530 Fri, 18 Nov 2016 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334876 The Supreme Court clarified that Section 44AD of the Income Tax Act, 1961 applied to the appellant-assessee due to income exceeding Rs. 40,00,000 for the assessment year 2009-2010. The Court set aside the High Court's order and assessment, directing compliance with the law. Delay in related cases was condoned, with the main appeal's order governing. If income fell below Rs. 40,00,000, modification could be sought. The correct application of Section 44AD and implications on depreciation entitlement were upheld, rectifying oversights and ensuring proper assessment based on income thresholds. Case-Laws Income Tax Tue, 30 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334876