holding that the cash credits were out of
business receipts falling u/s 44AD when at no stage
the assessee had filed any evidence ... stressed that the assessee has filed return u/s 44AD
wherein the assessee need not maintain the books of
accounts. It was explained that
total contract receipts (as
compared to 8% fixed under Section 44AD) and 10%
assessed by Assessing Officer in reassessment ... profit rate of 8% on the gross receipts provided in
Section 44AD , the profit worked out to be Rs.2,19,431/- as against
profits at lower
rate than the net rate of 8% applicable u/s 44AD . In the case
of contractors whose gross receipts exceed ... reasonable.
9. It may be pertinent to mention that u/s 44AD , the
Legislature in its wisdom has fixed the net rate
other
documents. In response to notice under Section 158BC , the assessee filed
return as per Section 44AD . Assessment was made in respect of
undisclosed income ... could not be treated as undisclosed income in view of
provisions of Section 158BB(1)(d) of the Act. We are unable to accept
This appeal has been filed by the revenue under Section
260A of the Income Tax Act, 1961 (in short "the Act") against ... notice under Section 142(1) of the Act was
issued on 22.10.2003. The assessment was completed by applying
the provisions of Section 44AD
which the assessee had applied
the presumptive rate of 8% under Section 44AD of the Act, thereby
declaring an income
which is fair and judicious keeping in view the
provisions of Section 44AD of the Income Tax
Act,1961, especially when the assessee failed ... appellant has invited the
attention of this Court to Section 44AD of the
Income Tax Act, 1961, and inter alia, contended,
firstly, that the respondent
