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2012 (7) TMI 208 - AT - Income TaxApplying net profit rate of 10% on the contract receipts declared by the assessee - the assessee did not produce books of account nor furnished the details called for - Held that:- The assessee's claims to derive income from contractor ship business is not acceptable as no proof of having done any contract work was submitted by the assessee - as per provisions of Section 44AD even if assessee does not maintain books of account where the turnover is less than Rs. 40 lakhs, maximum profit which can be estimated is 8 %. However, in the instant case there exists no dispute to the fact that the assessee was engaged in civil construction work and even no proper books of accounts are maintained, where the turnover was exceeding the prescribed limit, the CIT(A)was justified in estimated 10% profit on the gross contract receipts - against assessee.
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