https://www.taxtmi.com/caselaws?id=304351 Bank credits arising from Jari trading sale proceeds were treated as business receipts, and the peak credit balance was considered taxable as income. For undisclosed turnover, only the profit element could be assessed, not the full sale proceeds. Where the turnover fell within the presumptive-tax threshold, estimation had to be made on a reasonable basis having regard to the nature of the business and section 44AD. Applying that approach, the profit rate was reduced to 10% for the relevant assessment years. en-us Tue, 18 Sep 2018 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304351 Bank credits arising from Jari trading sale proceeds were treated as business receipts, and the peak credit balance was considered taxable as income. For undisclosed turnover, only the profit element could be assessed, not the full sale proceeds. Where the turnover fell within the presumptive-tax threshold, estimation had to be made on a reasonable basis having regard to the nature of the business and section 44AD. Applying that approach, the profit rate was reduced to 10% for the relevant assessment years. Case-Laws Income Tax Tue, 18 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304351