https://www.taxtmi.com/caselaws?id=470064 Section 249(4)(b) is discussed alongside the advance-tax scheme, estimated tax liability, and tax already deducted or collected at source. For a retail liquor business, available TDS and TCS may cover the liability arising from income properly assessable on the receipts, so dismissal for non-compliance with the provision is described as erroneous. The principal tax treatment concerns Section 44AD: gross liquor receipts are not automatically taxable income, and only the prescribed presumptive profit element is assessable. The stated computation applies an 8% profit rate to total liquor receipts, adds commission income separately, and allows credit for TDS and TCS reflected in Form 26AS. Liability is therefore recomputed by reference to taxable profit rather than gross receipts. en-us Thu, 13 Mar 2025 00:00:00 +0530 Tue, 14 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470064 Section 249(4)(b) is discussed alongside the advance-tax scheme, estimated tax liability, and tax already deducted or collected at source. For a retail liquor business, available TDS and TCS may cover the liability arising from income properly assessable on the receipts, so dismissal for non-compliance with the provision is described as erroneous. The principal tax treatment concerns Section 44AD: gross liquor receipts are not automatically taxable income, and only the prescribed presumptive profit element is assessable. The stated computation applies an 8% profit rate to total liquor receipts, adds commission income separately, and allows credit for TDS and TCS reflected in Form 26AS. Liability is therefore recomputed by reference to taxable profit rather than gross receipts. Case-Laws Income Tax Thu, 13 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470064