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1 - 10 of 16 (0.24 seconds)Section 68 in The Income Tax Act, 1961 [Entire Act]
Section 69A in The Income Tax Act, 1961 [Entire Act]
Section 38 in The Income Tax Act, 1961 [Entire Act]
Section 43C in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 28 in The Income Tax Act, 1961 [Entire Act]
Section 30 in The Income Tax Act, 1961 [Entire Act]
Finance Act, 1999
Commissioner Of Income Tax-Ii vs Surinder Pal Anand on 29 June, 2010
9.1 . Section 44AD of the Act gives an option to the assessee to offer income on
presumptive basis. These are special provisions. The assessee has opted for the
same and offered to tax income at the rate of 8% of his turnover. The issue is
whether, the Assessing Officer can examine statement of accounts in such cases,
make additions towards undisclosed purchases, undisclosed expenditure, under
valuation of closing stock etc., The turnover declared by the asscssee is accepted by
the revenue. In our considered opinion such additions go against the spirit of the
Act. Section 44AD of the Act was introduced to help the small traders who have
difficulties in maintaining books of account and other records. Tax is levied on
presumptive basis. The Haryana High Court in the case of CIT vs. Surinder Pal
Anand [2010] 192 taxmann 264), under identical circumstances had held as
follows'.-