Ashu Ashok Presumptive Taxation Benefit

The ITAT held that the Assessing Officer exceeded jurisdiction by estimating expenditure and making additions despite the assessee declaring presumptive income above the statutory rate under Section 44AD. 

The Tribunal reaffirmed that presumptive taxation dispenses with the obligation to maintain detailed books and prove expenditure. It also upheld deletion of jewellery additions, accepting that the same already stood disclosed before the Settlement Commission by the assessee’s husband.