ITAT Orders Recalculation of Presumptive Income u/s 44 After Spotting Turnover Discrepancy

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has ordered a recalculation of a taxpayer's presumptive income under Section 44AE of the Income Tax Act after identifying a discrepancy in the turnover figure used by the tax authorities. Section 44AE provides a scheme for estimating the income of individuals engaged in the business of plying, hiring, or leasing goods carriages. The ITAT, upon reviewing the case, found that there was a clear mismatch between the actual turnover reported by the assessee and the figures considered by the lower authorities for calculating the presumptive income. Consequently, the tribunal set aside the previous calculation and remanded the matter back to the Assessing Officer with a clear directive to re-compute the income based on the correct turnover data. This ensures that the tax is levied accurately as per the provisions of the presumptive taxation scheme.