https://www.taxtmi.com/caselaws?id=419688 The Court ruled in favor of the Appellant on all three issues raised in the case. It held that a separate addition for unexplained partner's opening capital was not warranted when applying a net profit rate for estimating income from contract work. Additionally, the Court directed the Income Tax Department to adjust the wrongly deducted TDS amount instead of denying the adjustment or refund. Lastly, the Court allowed the deduction of partner's salary under Section 44AD of the Income Tax Act, emphasizing the importance of adhering to statutory provisions. en-us Tue, 08 Feb 2022 00:00:00 +0530 Thu, 17 Mar 2022 08:35:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419688 The Court ruled in favor of the Appellant on all three issues raised in the case. It held that a separate addition for unexplained partner's opening capital was not warranted when applying a net profit rate for estimating income from contract work. Additionally, the Court directed the Income Tax Department to adjust the wrongly deducted TDS amount instead of denying the adjustment or refund. Lastly, the Court allowed the deduction of partner's salary under Section 44AD of the Income Tax Act, emphasizing the importance of adhering to statutory provisions. Case-Laws Income Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419688