Setion 44af & 44ad
This query is : Resolved
24 January 2013
DEAR SIR
in the year 2009-10 my client carrying two type of business one is construction & other is Retailers with same PAN , But Separate line of business
construction business 44AB applicable
but in retailers turnover not exceed RS 40 Lacs & we disclosed profit as per 44AF
My question is that at the time of income tax assessment officer can consider total turnover combination of two business and penalty
provide any case laws referance
in the year 2009-10 my client carrying two type of business one is construction & other is Retailers with same PAN , But Separate line of business
construction business 44AB applicable
but in retailers turnover not exceed RS 40 Lacs & we disclosed profit as per 44AF
My question is that at the time of income tax assessment officer can consider total turnover combination of two business and penalty
provide any case laws referance
CA PARAS BAFNA
(Expert)
24 January 2013
Applicable Sections :
In case of the Retail :Section 44AF
Turnover 30.00 Lac
.
In case of Construction : Section 44AD.
Turnover 35 Lac
.
Both are separate sections -
Combination can not be done. ITO can not go beyond the law.
.
For Tax Audit Turnover purpose Section 44AB is applicable.
.
Both Sections 44AD and 44AF have in built safe guard. For the purpose of calculating the turnover limits U/s 44AB- the Gross Receipts and turnover of Section 44AD and Section 44AF were to be excluded.
.
In case of the Retail :Section 44AF
Turnover 30.00 Lac
.
In case of Construction : Section 44AD.
Turnover 35 Lac
.
Both are separate sections -
Combination can not be done. ITO can not go beyond the law.
.
For Tax Audit Turnover purpose Section 44AB is applicable.
.
Both Sections 44AD and 44AF have in built safe guard. For the purpose of calculating the turnover limits U/s 44AB- the Gross Receipts and turnover of Section 44AD and Section 44AF were to be excluded.
.
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