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2012 (11) TMI 53 - ITAT, AHMEDABADUndisclosed source in respect of capital – appellant is filing its return of income U/s 44AD - Held that:- Assessee has stated that assessee has been doing business for more than 12 years. Therefore capital balance is fully justified - Assessing Officer in his remand report has stated that the household expenditure is estimated at Rs.50,000/- per annum, then for the 10 years the expenditure would be at Rs.5 lakh - assessee has made payment towards LIC and also PF account. Admittedly, this amount is outgoing from the capital account and same would have been in the earlier years also. Moreover, the assessee has not given any details of the household expenditure - it cannot be presumed that assessee was not incurring any household expenses - CO of the assessee is dismissed
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