Because the Ld. Assessing Authority has erred in applying provisions of Sec 44AD
on Co-operative Society and Learned Commissioner of Income Tax (Appeals), NFAC ... operative
Society and to assess its income @ 8% by applying Sec 44AD is illegal and against
the provisions of the Act.
6. Because
offered it under
presumptive tax scheme under section 44AD . The assessing officer noted
that assessee has shown such income from labour contract and job work ... observation, the income from labour contract and job work offered
under section 44AD was not accepted. The assessing officer issued a fresh
show cause notice
offered it under
presumptive tax scheme under section 44AD . The assessing officer noted
that assessee has shown such income from labour contract and job work ... observation, the income from labour contract and job work offered
under section 44AD was not accepted. The assessing officer issued a fresh
show cause notice
offered it under
presumptive tax scheme under section 44AD . The assessing officer noted
that assessee has shown such income from labour contract and job work ... observation, the income from labour contract and job work offered
under section 44AD was not accepted. The assessing officer issued a fresh
show cause notice
return was filed by the assessee
under the provisions of section 44AD of the Act disclosing the closing cash balance ... assessee, the income tax return
was filed under section 44AD by the accountant inadvertently. As such, the
assessee being an agriculturist was not under
profits and gains of such person under section 44AE or section
44BB or section 44BBB, as the case may be, and he has claimed ... exceed an amount of sixty lakh rupees.
6.4. Sub-section (1) of section 44AD starts with non-obstante clause for
anything contained in section
held that
"even where books of accounts are not maintained section 44AD
percentage of 8% can be guideline for estimation of income from
civil ... initiated proceedings u/s. 263 stating that grant of
depreciation and interest was not in accordance with the provisions of
section 44AD(2) . The PCIT
applying the same assumptions and not applying
the section itself. Hence, the applicability of section 44AD is not relevant
for the purpose of this order ... provisions contained in sections 30 to 43 . Under section 32 , the assessee
is entitled to claim depreciation. Under section 144 , the Assessing
Officer is bound
Finance Act, 1994 with effect
from 1-4-1994. Sub-section (1) of section 44AD clearly provides that where an
assessee is engaged ... addition has been made
under section 69C of the Act, on which there is no bar under section 44AD of the Act, we
are quite
shall be chargeable on presumptive income, computed as per sub-
section (1) of section 44AD of the Act. The very purpose of the very enactment ... amounts
are allowed generally under other sections. The computation under section 29 is to be
made under section 145 on the basis of the books
