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2014 (4) TMI 385 - AT - Income TaxDetermination of income @8% - Addition u/s 68 of the Act - Civil contractor – assessee contended that for the current year assessee has maintained books of account which were duly audited and audit report obtained. Therefore, the provisions of sec. 44AD could not be invoked. – Held that:- Date of audit was noted as 29th September, 2008 - there was no reason for assessee to withhold the production of books of account - In A.Y. 2006-07, the assessee’s receipts were only Rs. 15,50,381/- which increased to 58,88,389/- in A.Y. 2007-08 and Rs. 65,85,531/- in A.Y. 2008-09 – thus, the assessee was required to get its account audited from A.Y. 2007-08 onwards and hence must have maintained books of account - As regards addition of Rs. 5,02,000/-, the AO has observed that vide notice u/s 142(1) dated 22/12/2010, the assessee was asked to explain source of cash and hence assessee did not get sufficient opportunity to explain the deposit particularly when assessment got completed on 27/12/2010 - in order to impart substantial justice to assessee the matter needs to be remitted back – thus, the matter is remitted back to the AO foe fresh consideration – Decided in favour of Assessee.
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