submitted that in Shriram lnvestments Ltd.s case (supra) the scope of section 43(6) was considered with reference to the decision of the Supreme ... case (supra) and the absence of a provision like section 44AD(3) . It is contended that these two aspects have not been touched
first appellate authority cancelled the assessment orders on the ground that section 44AD of the Act could not be applicable to the assessee and hence ... Section 143(2) makes it very clear that after filing of return either under section 139 or in response to a notice under section
introduced in
the Act with effect from 1993. Sub-section (1) of Section 44AD states that
Notwithstanding anything to the contrary contained in sections ... under
those sections shall be allowed. Thus, conspicuously section 28(v) has not
been included in sub-section (2) of Section 44AD which deals with
under sub-section (1) of section 142 or fails to comply with a direction issued under sub-section (2A) of that section ... provisions of section 44AE have been wrongly invoked."
I find that the provisions of section 44AE and section 44AD are similarly worded. Similar
business receipts claimed to be admitted under section 44AD , for which, the
appellant was required to prove the sources for the peak cash balance ... inserted by Finance Act, 1994 with effect from 01.04.1994.
Sub-section (1) of Section 44AD clearly provides that where an assessee is
engaged
words 'Civil Construction' in
the Explanation to Section 44AD?
(2) Whether the words 'Civil Contractor' can
be read into Section 44AD ... builder and not
contractor and thus not entitled to benefit of Section 44AD of the Act making
addition of gross profit
filed
showing the business income of Rs.1,60,120/- under Section 44AD of
the Act. The Assessing Officer did not accept the return ... inserted by Finance Act, 1994
w.e.f. 1.4.1994. Sub-section (1) of Section 44AD clearly provides that
where an assessee is engaged
total turnover referring to the net profit rate mentioned in Section
44AD of the Act. He observed that Section 44AD was not applicable ... preferred an appeal before the Tribunal,
primarily raising the ground that Section 44AD was not applicable as
the assessee's turnover was in excess
Assessing Officer is akin to
the one provided for under Section 44AD of the Act, which provides
for comprehensive exercise of arriving the net profits ... under
sub-section (2) of Section 44A and get them
audited and furnish a report of such audit as
required under section 44AB
appreciating the fact that the proviso to Section 44AD(2) , which allows deduction of salary and interest paid to its partners, refers to computation ... Tribunal by the Revenue. He has also submitted that Sub-section (5) of Section 44AD is no bar for allowing deduction as claimed
