10 September 2016
Assessee running an eligible business and returns filed u/s 44AD.Net Profit estimated at 16%.The case taken up for scrutiny AY 2014.15 and assessing Officer require an Income and expenditure account?Can he do so? The assessee"s turnovers during previous year AY 2013.14 and 2015.16 onward crossed the limits mentioned in 44AD and Tax audit u/s 44AB were done and returns filed ?Whether this fact will have any implication on the assessment u/s 44AD for AY 2014.15?
10 September 2016
As the assessee opted for 44AD and no books of accounts are maintained, AO can't ask for income and expenditure ac as more than 8% profit declared. No implication as any time 44AD can be opted but not within 5 years of opting out.
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