https://www.taxtmi.com/caselaws?id=443537 The Tribunal ruled that the adjustment under section 143(1)(a)(vi) was unwarranted as the assessee's gross receipts were not understated, overturning the CIT(A)'s decision. The rectification orders were set aside due to the incorrect adjustment, leading to both appeals being allowed. The judgment clarifies the application of presumptive income schemes and emphasizes compliance with tax assessment guidelines. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 26 Sep 2023 08:18:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443537 The Tribunal ruled that the adjustment under section 143(1)(a)(vi) was unwarranted as the assessee's gross receipts were not understated, overturning the CIT(A)'s decision. The rectification orders were set aside due to the incorrect adjustment, leading to both appeals being allowed. The judgment clarifies the application of presumptive income schemes and emphasizes compliance with tax assessment guidelines. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443537