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CA Shruti Gupta (CMA FINAL CS Final) (1434 Points)

04 July 2013

dr friends and menmbers

I have a question ...and i want that everyone share his views so that i can understand it....

CAN RETURN FILIED U/S 44AD BE PERN U/S 143(3).........AND IF YES WHAT ARE THE BASIS FOR SUCH SELECTION.........AND

AS PER MY KNOWLEDGE Assessee who chosses 44ad has not maintained books of account...then how case will dispose off if open

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Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 04 July 2013

For example XYZ enterprises t/over for AY 2012-13 Rs. 15 crores hence subject to audit u/s 44AB

But in AY 13-14, t/over reduced to Rs. 80 lacs so opted presumptive scheme of sec 44AD...

.in such a typical case CASS will pick the return for scrutiny....and then the regular assessment wil be completed by AO by gaining information from whatever records available with the asessee and the AO may also issue summons to parties connected in business dealings with the asessee and such other means...........But all in all it really become a challenge for AO to complete the assessment that to with a target of raising a demand...

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