https://www.taxtmi.com/caselaws?id=402195 The Tribunal held that income from interest and salary received by the assessee from partnership firms could not be classified as business income under Section 28(v) of the Income Tax Act, 1961. The assessee was deemed ineligible to apply the presumptive tax rate under Section 44AD as the income did not qualify as turnover from an eligible business. The appeal was dismissed, ruling in favor of the revenue authorities. en-us Wed, 23 Dec 2020 00:00:00 +0530 Sat, 30 Jan 2021 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402195 The Tribunal held that income from interest and salary received by the assessee from partnership firms could not be classified as business income under Section 28(v) of the Income Tax Act, 1961. The assessee was deemed ineligible to apply the presumptive tax rate under Section 44AD as the income did not qualify as turnover from an eligible business. The appeal was dismissed, ruling in favor of the revenue authorities. Case-Laws Income Tax Wed, 23 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402195