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Documents citing Allied Digital Services Ltd, Mumbai vs Dcit Cen Cir 3, Mumbai on 29 June, 2018

Kiran Construction Co., Mumbai vs Department Of Income Tax

7. With respect to estimation of income at 8% of contract receipt, the Ld. AR submitted that the AO was not justified in calculating the net profit @ 8% by applying the provisions of Sec. 44AD of the I.T. Act as the turnover of the assessee was much above Rs. 40 lakhs. The Ld. AR relied on the order of the Hon'ble Special Bench of ITAT in the case of Allied Construction Vs DCIT 11 SOT 101 (Del)(SB) wherein it has been held that provisions of Sec. 44AD cannot be applied where gross receipts from the business of civil construction exceeded Rs. 40 lakhs and if the past results showed loss or nominal net profit rate the AO would not be justified in applying the 8% rate.
Income Tax Appellate Tribunal - Mumbai Cites 5 - Cited by 0 - Full Document
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