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2014 (8) TMI 491 - HC - Income TaxEstimation of appeal - Rejection of books of accounts u/s 145(3) – Held that:- The net profit rate has already shown at the rate 3.25% which appears reasonable, which is higher in comparison to the previous and subsequent assessment years - during the assessment under consideration, the assessee has suffered a loss in respect of Sada-Gwalior Project and Bareilly-Badaun Project - The net profit rate shown by the assessee, which is higher in comparison to the earlier and subsequent assessment years, appears reasonable and is to be accepted. Applicability of section 44AD – Held that:- Section 44AD is not applicable as the turnover is more than 40 lacs - The accounts were properly audited – there was no reason to interfere with the orders passed by both the appellate authorities – Decided against Revenue.
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