https://www.taxtmi.com/caselaws?id=776021 The ITAT held that under section 44AD, the assessee's income is deemed final when opting for presumptive taxation at 8% of gross receipts. The switch to mercantile accounting in the subsequent year, showing only 1.39% net profit, indicated potential understatement but did not justify double taxation. Considering the nature of cash deposits and explanations given, the tribunal directed that 8% of the total cash deposits be treated as estimated income for the relevant year, with a deduction of 1.39% already offered in the following year to avoid double taxation. The appeal was partly allowed accordingly. en-us Thu, 31 Jul 2025 00:00:00 +0530 Mon, 04 Aug 2025 08:28:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776021 The ITAT held that under section 44AD, the assessee's income is deemed final when opting for presumptive taxation at 8% of gross receipts. The switch to mercantile accounting in the subsequent year, showing only 1.39% net profit, indicated potential understatement but did not justify double taxation. Considering the nature of cash deposits and explanations given, the tribunal directed that 8% of the total cash deposits be treated as estimated income for the relevant year, with a deduction of 1.39% already offered in the following year to avoid double taxation. The appeal was partly allowed accordingly. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776021