provisions
contained under section 28 to 43C shall not apply. As per the
provisions of sub-section (4) of section 44AF, if the return ... filed under the provisions of section (1) of section 44AF, the
provisions of section 44AA and 44AB shall not apply. It has
been provided
seen that the provisions of section 44AF state that notwithstanding
anything to the contrary contained in section ... audited. The case of the assessee appears to be covered by section 44AF .
Therefore, as per this section the profit and gains from this business
confirming addition of
Rs.14,08,814/- without considering provisions of section 44AF . The addition
needs deletion.
4. The Ld. CIT(A) has erred ... Dodia
unexplained u/s 69A of the Income-tax Act, 1961 and the assessee is not entitled to the
benefit u/s 44AF
undisclosed profit U/s. 69A instead of considering the
same as taxable at the rate provided U/s. 44AF. The addition needs
reduction by accepting ... admitted by
the assessee before the Assessing Officer and provided in section 44AF of the
Income-tax Act, 1961. Net profit, on this basis, works
been
declared by the assessee.
7. As per sub section (4) of section 44AF the provisions ... section
44AA and 44AB shall not apply in so far as they relate to the business
referred to in sub-section (1) of section 44AF
account and return of income is filed under the provisions of section
44AF. The AO, however, rejected the book results u/s. 145(3) because ... return
of income has been filed under the provision of section 44AF . This fact was also
submitted before the ld. CIT(A). Therefore
addition of more
than 5% as provided under the provisions of section 44AF of
the Act. The addition of 10.5% made by the Assessing Officer ... section. The counsel for the assessee further contended that
the special provisions for computing the profit and gains of
retail business under section 44AF
rate of net profit applicable in terms of the provisions of Section
44AF of the Act.
10. The department has not been able to successfully ... deleting the penalty of ` 3,14,754/- correctly levied on
the assessee u/s 271 (1)(c) of the IT Act.
13. Pursuant to determining
following
sections included in (6) above.
(a) Section 44AD 2535 NIL
(b) Section 44AE 2536 NIL
(c) Section 44AF 2537 NIL
(d) Section 44BB ... income u/s 33AB/33ABA/35ABB/41/72A/
80HHD/80-IA 2585 NIL
17. Profit or gains computed u/s 44AD/44AE/44AF/
44BB/44BBA
therefore provisions of section 40A(3)
are not applicable. Relying on various judicial decisions and stating that
provisions of section 44AF is applicable for trading ... appellant is not a retail trader as envisaged by
provisions of section 44AF of the Act. The contention of the appellant that
the appellant
