The assessee filed a return manually admitting income u/s 44AE ...

Income from Lorries Accepted on Presumptive Basis, No Books Required; Agricultural Income and Past Savings Upheld.

December 28, 2024

Case Laws Income Tax AT

The assessee filed a return manually admitting income u/s 44AE from running lorries and agricultural income. The Tribunal held that when income is offered on a presumptive basis u/s 44AE, depreciation is deemed granted, whether claimed or not, so it cannot be disallowed. As the assessee admitted presumptive income u/s 44AE from lorries, maintaining books of accounts is not required, and this income must be accepted. No adverse findings were made regarding agricultural income of Rs. 2.07 lacs, which must be accepted. The claim of past savings of Rs. 5.50 lacs cannot be rejected merely due to availing a loan and must be accepted. Considering the facts, the Tribunal directed the AO to accept business income of Rs. 1.80 lacs, agricultural income of Rs. 2.07 lacs, and restrict the addition for unexplained assets to Rs. 2 lacs.

View Source

← Previous Next →

The assessee filed a return manually admitting income u/s 44AE ...

Income from Lorries Accepted on Presumptive Basis, No Books Required; Agricultural Income and Past Savings Upheld.

December 28, 2024

Case Laws Income Tax AT

You may also like:

The ITAT Bangalore, in a case involving unexplained money u/s. 69A, addressed deposits in a bank account during the demonetisation period. The DR argued that the...

Agricultural income - assessee has not maintained separate books of account related to agricultural income - orders of CIT (Appeals) on the issue of estimation of...

Cash deposit in bank account treated as unexplained income - Agricultural income or not? - The Tribunal found discrepancies in the appellant's claims regarding...

Income derived from agricultural activities is exempt u/s 10(1) of the Act. The assessee, a professional agricultural graduate, consistently declared agricultural income...

The Income Tax Appellate Tribunal held that the Assessing Officer cannot arbitrarily reduce agricultural income and add it as income from other sources based on mere...

Allocating expenses to agricultural income and non-agricultural income - AO having accepted fact that Head Office expenses needs to be apportioned between agricultural...

Agriculture income - The assessee on one hand pleaded before the authorities below earning of the lesser agricultural income and has now taken a contrary stand to accept...

Agricultural income or not - Since no agricultural income has been shown by assessee’s husband in this year, the entire income has been considered as ‘income from other...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Nature of Income - Dealing in vegetable seeds - Agricultural Income OR Business Income - the percentage of margin earned on sale of agricultural produce cannot be the...

Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account...

The case involved a dispute over the determination of agricultural income, focusing on the variance between admitted and net agricultural income. The Assessing Officer...

Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly...

Agricultural income - The finding of the CIT (A) is that the crops grown are commercial in nature. The definition of ‘Agricultural Income’ does not limit its application...

Quick Updates: