44 AF

This query is : Resolved

Bhagwant Singh Gehlot (Querist)
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16 August 2010 Respected Sir
My client has shown net profit Rs 0.85 lacs on total receipt from Civil works Rs. 37.69 lacs & also get audited his account for the assessment year2008-2009.
Now case under scrutiny, can ITO taxed on such income which is more than 8% of gross receipt,i.e. after disallowance of expenditure the total profit is greator then the limit prescribed under section 44AF .ie. 8% of Total receipt 37.69 lacs. means 2.96 lacs.

can now assessee want show the profit under section 44AF. can he do

CA Sanat Pyne

CA Sanat Pyne (Expert)
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16 August 2010 AS YOU MENTION CIVIL WORKS THE SECTION WILL BE 44AD
IF ASSESSEE DOES NOT OPT 44AD THEN THE ASSESSING OFFICER HAS NO RIGHT TO ASSESS THE INCOME U/S 44AD.
BUT ASSESSEE MAY DISALLOW CERTAIN EXPENSES IF YOU DONT HAVE PROPER EVIDENCE.

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