TaxTMI 
TaxTMI 
2012 (7) TMI 151
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....iny assessment AO observed that "the assessee firm vas engaged in the business of developing and promoting. During the course of hearing, Sri Chakraborty, A/r of the firm, furnished various information as and when called for, however, he did not produce the books of accounts whenever called for. He was requested to produce books of accounts during the course of hearing on 14- 10-09, 1611-09, 25-11-2009 and 14-12-09. But everytime he took the plea of producing the same at the time of next hearing. Finally, during the course of hearing on 22-12-09, he filed a letter stating that the firm was covered by the provisions of section 44AD of the I.T.Act and maintenance of books was not mandatory. It was specifically aske....
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....M/s,Aashirbad Developers Rs.24,50,000/- Labour Contract 2. M/s.OTIS Rs.1,16,000/- -do- 3. Sri Biprodas Banerjee Rs.1,00,000/- -do- 4. Shri Kabir Ali Rs.1,18,000/- -do- 5. Shri Abdul Kadir Rs.65,000/- -do- 6. Shri A.Bhuniya Rs.70,000/- -do- 7. M/s.C.Electric Rs.50,000/- -do- 8. Sri P.K.Sengupta Rs.1,00,000/- -do- 9. Sri Bapi Debnath Rs.93,140/- Professional fees Total : Rs,32,62,140/- The nature of transaction mentioned against the parties mentioned in SI. Nos. 1 to 8 is basically contractual in nature and TDS was required to be made u/s 194C and regarding payments made to Sri Bapi Debnath, who is an Advocate, TDS was required to be made u/s 194J....
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.... for the assessee and the money received from the buyers for these flats was an advance and not a receipt for the previous year under consideration. This fact has not been disputed by the A.O. also in the assessment order. Thus the amount of Rs. 65,45,500/- cannot be considered gross receipt paid or payable to the assessee for the previous year under consideration. Therefore, the gross receipt of the assessee for the previous year will be Rs. 19,71,112/- which is related to job contract receipts and which is less than Rs. 40,00,000/-. Since the assessee is engaged in the business of civil construction and its gross receipts for the previous year under consideration are less than Rs. 40,00,000/- therefore, its case is covered by provisions o....
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....ot be covered u/s 44AD is not acceptable. For the assessees covered by the provisions of Sec. 44AD the law does not require the assessee to maintain books of accounts u/s 44AA and audit its accounts u/s 44AB. However, if the assessee has done so it cannot be held against the assessee. Similarly, if the assessee has mentioned certain details about his financial transactions in the return of income on the basis o{ books of accounts maintained by it, it cannot be used as an evidence against the assessee." 3.3. Aggrieved by this now the revenue is in appeal before us. 4. At the time of hearing the ld. DR appearing on behalf of the revenue relied on the orders of AO and submitted that since AO has derived information submitted by assessee ....