20 March 2013
If an assessee is having receipts of 12.5 lakhs, & having profits of 4lakhs. So, as per S-44AD he can show proits at Rs.1 lakhs i.e 8%. But he neither wants to show 4L or 1L, & instead he wants to show profits at 2.5L (He is just willing to show this much amt., but having no reason/base.)
Query: Whether A.O can raise question on his disclousre of showing income more thn 8% without having any base of showing such amount(2.5L), & not showing actual income ??
CAclubindia
