S-44ad
This query is : Resolved
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 ??
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 ??
20 March 2013
AO can't since the wording in the section is ....a sum > the aforesaid sum claimed to have been earned.....
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