https://www.taxtmi.com/caselaws?id=429936 The Tribunal allowed the appellant's appeal and deleted the addition of Rs.20,86,691 under section 68 of the Act. It emphasized that the authorities failed to justify why section 44AD did not apply, as per the Punjab & Haryana High Court precedent, and acted against the provision's spirit. The Tribunal ruled in favor of the appellant, highlighting the significance of adhering to section 44AD for eligible businesses and maintaining the essence of presumptive taxation for simplifying assessments. en-us Mon, 10 Oct 2022 00:00:00 +0530 Mon, 07 Nov 2022 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429936 The Tribunal allowed the appellant's appeal and deleted the addition of Rs.20,86,691 under section 68 of the Act. It emphasized that the authorities failed to justify why section 44AD did not apply, as per the Punjab & Haryana High Court precedent, and acted against the provision's spirit. The Tribunal ruled in favor of the appellant, highlighting the significance of adhering to section 44AD for eligible businesses and maintaining the essence of presumptive taxation for simplifying assessments. Case-Laws Income Tax Mon, 10 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429936