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| The Tax Publishers2020 TaxPub(DT) 4246 (Sur-Trib) : (2021) 187 ITD 0477 INCOME TAX ACT, 1961
section 40(a)(ia)
Where assessee filed return of income on presumptive basis under section 44AD, the assessee was entitled to take benefit of provisions of section 44AD, and accordingly assessee was not liable for disallowance under section 40(a)(ia).
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Business disallowance under section 40(a)(ia) - Non-deduction of tax at source - Assessee filed return of income under section 44AD -
AO disallowed interest expenses and job work expenses under section 40(a)(ia). Assessee challenged this on the ground that assessee filed return of income under section 44AD 'Special provision for computing profits and gains of business on presumptive basis' and declared the profit more than @ 8%. Held: Since assessee's turnover for concerned assessment year was to the tune of Rs. 92 lakhs and assessee filed return of income on presumptive basis under section 44AD, therefore, assessee was entitled to take benefit of provisions of section 44AD, and accordingly assessee was not liable for disallowance under section 40(a)(ia).
Relied:ITO v. Mark Construction (2012) 23 taxmann.com 398 (Kol.) : 2013 TaxPub(DT) 1520 (Kol-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2013-14
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