TMI Blog2022 (4) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... ission agents dealing in agricultural produce is at 2% - HELD THAT:- Profit rate as mentioned in the provisions of Section 44AD of the Act, cannot be applied to commission agents who are doing business of agency commission or earning commission income only in view of provisions of Section 44AD(6)(iii) of the Act. Hence, as canvassed by ld.counsel for the assessee, a reasonable profit can be estima ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2013- 14 u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter the Act ) vide order dated 28.12.2018. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of AO in computing the profits and gains of business on presumptive basis on Section 44AD of the Act by applying profit rate @ 8% of total turnover. 3. We have heard both the sid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 8% of the total credits of ₹ 1,58,01,195/- and thereby added the estimated income at ₹ 9,79,272/- and assessed total income at ₹ 12,64,096/-. Aggrieved assessee preferred appeal before CIT(A). The CIT(A) also confirmed the action of AO. Aggrieved, assessee is in appeal before the Tribunal. 3. The ld.counsel for the assessee before us only made submission that a reasonable pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not controvert the above stated facts and position of law. 4. We noted that the legal position is very clear that profit rate as mentioned in the provisions of Section 44AD of the Act, cannot be applied to commission agents who are doing business of agency commission or earning commission income only in view of provisions of Section 44AD(6)(iii) of the Act. Hence, as canvassed by ld.counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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