https://www.taxtmi.com/caselaws?id=426989 The Tribunal found that Section 44AD of the Income Tax Act did not apply due to the assessee's gross receipts exceeding the limit. The correct profit rate of 7.2% was deemed reasonable based on previous assessments. Current year depreciation was allowed, and unabsorbed depreciation from previous years could be set off as per Section 32(2) of the Act. The appeal was partly allowed, directing the AO to recompute profit, allow current year depreciation, and set off unabsorbed depreciation. en-us Fri, 26 Aug 2022 00:00:00 +0530 Tue, 30 Aug 2022 10:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426989 The Tribunal found that Section 44AD of the Income Tax Act did not apply due to the assessee's gross receipts exceeding the limit. The correct profit rate of 7.2% was deemed reasonable based on previous assessments. Current year depreciation was allowed, and unabsorbed depreciation from previous years could be set off as per Section 32(2) of the Act. The appeal was partly allowed, directing the AO to recompute profit, allow current year depreciation, and set off unabsorbed depreciation. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426989