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Expenses related to contract - disaalowed
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....xpenses related to contract - disaalowed<br> Query (Issue) Started By: - vivek choudhary Dated:- 28-5-2009 Last Reply Date:- 28-5-2009 Income Tax<br>Got 1 Reply<br>Income Tax<br>RETURN WAS FILED UNDER....
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.... 44AD, CONTRACT RECEIPT WAS 37LACS. FIRSTLY A.O. TREATED CONTRACT RECEIPT AS UNEXPLAINED INVESTMENT U/S 69. AFTER APROACHING C.I.T (APPEALS) IT ORDERED THAT TREATING CONTRACT RECEIPT AS UNEXPLAINED NV....
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....ESTMENT HAS NO MERIT, BUT HE DISALLOWED THE EXPENSES SHOWN IN PROFIT AND LOSS ACCOUNT RELATED TO CONTRACT AND THUS ENHANCED THE APPEAL. WHEN a return is filed u/s 44AD, then how the expenses shown in ....
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....Profit/loss account be disallowed. Reply By Mukesh Kumar: The Reply: If wish to calculate profit less that 8% as specified u/s 44AD, you are permitted to do so by virtue of sub section (6) of sectio....
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....n 44AD i.e. 44AD(6) of the Income Tax Act, 1961 - Special provision for computing profits and gains of business of civil construction, etc. - The provisions of section 44AD(6) read as follows: - (6) N....
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....otwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in sub-section (1), if he keeps and ma....
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....intains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.<b....
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