that the cash credits were out of
business receipts falling u/s 44AD when at no stage
the assessee had filed any evidence to show ... filed
showing the business income of Rs.1,60,120/- under Section 44AD of
the Act. The Assessing Officer did not accept the return
gross receipts
do not exceed Rs. 40 lacs, the provisions of section 44AD
are applicable and income of the contractor in such cases is
determined ... lower
rate than the net rate of 8% applicable u/s 44AD . In the case
of contractors whose gross receipts exceed Rs. 40 lacs,
there
total contract receipts (as
compared to 8% fixed under Section 44AD) and 10%
assessed by Assessing Officer in reassessment ... profit rate of 8% on the gross receipts provided in
Section 44AD , the profit worked out to be Rs.2,19,431/- as against
notice under Section 158BC , the assessee filed
return as per Section 44AD . Assessment was made in respect of
undisclosed income. On appeal, the assessment
assessment was completed by applying
the provisions of Section 44AD of the Act in the case of a Civil
Contractor computing the profit
which the assessee had applied
the presumptive rate of 8% under Section 44AD of the Act, thereby
declaring an income
which is fair and judicious keeping in view the
provisions of Section 44AD of the Income Tax
Act,1961, especially when the assessee failed ... appellant has invited the
attention of this Court to Section 44AD of the
Income Tax Act, 1961, and inter alia, contended,
firstly, that the respondent
