If an assessee Showing it's income U/S 44AD (Filing ITR-4) and in subsequent year he choose to File ITR as normal business by showing P&L and Balance sheet by claiming expenses from SEC 30 to 38 (Filling ITR-3). But profit shown in after said ITR is more than 8% (Limit of 44AD(1)).
Will he be eligible to claim benefits of SEC 44AD for subsequent years ?(As the SEC 44AD(4) only states about declaring profit in accordance to SEC 44AD(1) i.e, Profit Greater than 8% of Gross receipts or Turnover) or Does he have to give up 44AD for the subsequent 5 Assesment Years?'
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