https://www.taxtmi.com/caselaws?id=421297 The Tribunal allowed the appeal, directing the Assessing Officer to compute the income of the commission agent at a profit rate of 4% of total credits, rather than the 8% applied by the AO. The Tribunal held that commission agents dealing in agricultural produce are excluded from the presumptive basis provision of Section 44AD, and their profit should be estimated reasonably. The decision was made in accordance with Section 44AD(6)(iii) of the Income Tax Act, emphasizing the need for a fair profit assessment for such agents. en-us Fri, 08 Apr 2022 00:00:00 +0530 Thu, 21 Apr 2022 08:33:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421297 The Tribunal allowed the appeal, directing the Assessing Officer to compute the income of the commission agent at a profit rate of 4% of total credits, rather than the 8% applied by the AO. The Tribunal held that commission agents dealing in agricultural produce are excluded from the presumptive basis provision of Section 44AD, and their profit should be estimated reasonably. The decision was made in accordance with Section 44AD(6)(iii) of the Income Tax Act, emphasizing the need for a fair profit assessment for such agents. Case-Laws Income Tax Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421297