https://www.taxtmi.com/caselaws?id=418835 The Tribunal upheld the Revenue authority's orders, dismissing the Assessee's appeals contesting assessments for AYs 2002-03 and 2003-04 under section 143(3) of the Income Tax Act. The Tribunal ruled that taxable income should be calculated at the presumptive rate of 8% of turnover as per section 44AE, rather than the higher income disclosed in audited accounts. Emphasizing strict construction of taxing statutes, the Tribunal found the Assessee's argument inconsistent with statutory provisions. The Tribunal's decision was based on legal principles and precedents, affirming the dismissal of the appeals to avoid repetitive litigation. en-us Wed, 16 Feb 2022 00:00:00 +0530 Thu, 24 Feb 2022 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418835 The Tribunal upheld the Revenue authority's orders, dismissing the Assessee's appeals contesting assessments for AYs 2002-03 and 2003-04 under section 143(3) of the Income Tax Act. The Tribunal ruled that taxable income should be calculated at the presumptive rate of 8% of turnover as per section 44AE, rather than the higher income disclosed in audited accounts. Emphasizing strict construction of taxing statutes, the Tribunal found the Assessee's argument inconsistent with statutory provisions. The Tribunal's decision was based on legal principles and precedents, affirming the dismissal of the appeals to avoid repetitive litigation. Case-Laws Income Tax Wed, 16 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418835