https://www.taxtmi.com/caselaws?id=763793 ITAT Chennai held that assessee's presumptive income under Section 44AE from lorries and agricultural income must be accepted. Depreciation disallowance was improper as it's deemed granted under presumptive taxation. Past savings claim of Rs. 5.50 lacs couldn't be rejected solely due to loan availment. Court directed AO to accept business income of Rs. 1.80 lacs and agricultural income of Rs. 2.07 lacs, restricting unexplained asset addition to Rs. 2 lacs. en-us Mon, 04 Nov 2024 00:00:00 +0530 Sat, 28 Dec 2024 08:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763793 ITAT Chennai held that assessee's presumptive income under Section 44AE from lorries and agricultural income must be accepted. Depreciation disallowance was improper as it's deemed granted under presumptive taxation. Past savings claim of Rs. 5.50 lacs couldn't be rejected solely due to loan availment. Court directed AO to accept business income of Rs. 1.80 lacs and agricultural income of Rs. 2.07 lacs, restricting unexplained asset addition to Rs. 2 lacs. Case-Laws Income Tax Mon, 04 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763793