deposits of Rs .16, 87, 380/- is correct.
7.2 The section 44AF provides for 5 % of the total turnover to be taken as *
Profit ... establishes the existence of retail business, he cannot take shelter of section
44AF . The appellant -s business is of a job work related to work
Your appellant of income offered for
taxation on presumptive basis u/s. 44AF of the Act and has confirmed
addition @ 25% of total purchase amounting ... 2012 2
Asst. Year 2008-09
income u/s. 44AF of the Income Tax Act, the assessment made by the
A.O.by rejecting
observed
that the assessee filed return of income on 16.09.2008 u/s 44AF of the
Act showing income of Rs 96,000/-. The Assessing Officer ... under
presumptive taxation under the provisions of Section 44AF of the
Income Tax Act.
(b) Since the appellant being, small trader, his entire sales
Page 3
assessee has declared profits and gains of business u/s.44AF @ 5% of gross
receipts of Rs.39,20,641/-. The Assessing Officer ... revised return income declaring
profits and gains of business u/s 44AF of the Act. The cash deposited in her bank
was claimed as business
construction material supplied
the profit rate at 5% as prescribed u/s.44AF of the I.T. Act, 1961
was applied. Since a part relief ... legal principle the addition was
reduced by invoking section 44AD and 44AF of the I.T. Act, 1961.
He has also noted that no second
assessee is in the retail business of threads and covered by Section 44AF . However, the assessee had disclosed net profit less than prescribed under Section ... 44AF , got his accounts audited and the return of income was filed accordingly at the lower net profit. The AO though accepted the net profit
returned income as
declared by the appellant under presumptive basis under
Section-44AF of the I.T. Act on various baseless allegations
and thereby passing ... returned income as
declared by the appellant under presumptive basis under
Section-44AF of the I.T. Act on various baseless allegations
and thereby passing
alleged receipt in
instead of 5% as contemplated in section 44AF of the Income Tax Act, 1961.
3. Brief facts of the case are that ... rejected the contentions of the assessee for
application of Section 44AF i.e. estimation of profit at 5% on the ground that
the assessee could
assessee Smt.Sulochnaben has also filed here income
tax return u/s.44AF of the Act and a business profit ... obligation of the wife to establish the provisions of section 44AF
of the Act as applicable on the business run by her. In the result
submission that the G.P. @ 5%, as per
the provisions of section 44AF should be taken is rejected for the reason that during the course ... manufacturing business of jari kasab, whereas the provisions of section 44AF are
applicable only to those assessees who are engaged in retail trading. The first
