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2012 (12) TMI 205 - ITAT AHMEDABADIncome from civil contract business - computation of income u/s 44AD - It has also been observed by the AO that since the income was shown by applying the provisions of section 44AD of the Act, therefore admittedly the assessee had not maintained the books of accounts. - The AO has finally concluded that for the year under consideration as per DVO the cost of expenditure was at Rs.19,65,615/- as against that the assessee had shown Rs.10,66,553/-, therefore the balance of Rs.8,99,062/- was held as unaccounted investment u/s.69 of IT Act. - held that:- order of CITA(A) deleting the addition upheld - decided in favor of assessee. Reassessment – alleged that assessment is reopened based on DVO report – Held that:- Return was filed on 25/10/2004 and on the basis of the DVO’s report, vide a notice u/s.148 dated 20/04/2006 the case was reopened - A case can be reopened if the AO has in his possession a specific information so as to form an opinion that there happened to be an escapement of income - for the years under consideration admittedly the assessee had declared the net income by taking the shelter of section 44AD of IT Act. It is also been gathered that regular books of account have not been maintained by the assessee – against assessee
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