TMI Blog2020 (5) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the year under consideration. CIT(A) further observed that the request of the assessee to restrict the rate to 3% was never substantiated by the books of accounts nor was a part of the provisions of the Income Tax Act. Thus, there is no need to interfere with the findings of the CIT(A). Therefore, the appeal of the assessee is dismissed. - ITA No. 4816/DEL/2019 - - - Dated:- 20-3-2020 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y taking guidance as per Section 44AD of the Income Tax Act, 1961 whereas the Section 44AD shall 3. That Section 44AB of the Income Tax Act, 1961 applicable in the case as the gross receipts of the appellant for the A.Y. 2010-11 exceeds ₹ 3.50 crore. The A.O. also initiated penalty proceedings u/s 27 IB for non-filing of audit report for A.Y. 2010-11. Therefore, A.O. erroneously applied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with Section l43(3) of the Income Tax Act, 1961 for the A.Y. 2010-11. The assessee company had not filed its Income Tax Return under Section 139(1) of the Act for e A.Y. 2010-11. The assessee Company deposited Cash of ₹ 8,31,500/- with Standard Chartered Bank and total receipts for the year under consideration was ₹ 3,54,30,497/-. The assessee company was in the business of Sale and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. None appeared on behalf of the assessee and there is no adjournment application on behalf of the assessee. The notice has been served to the assessee. Therefore, we are taking up the submissions of the assessee before the CIT(A) as well as before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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