TaxTMI 
TaxTMI 
Deeming Provisions
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....eeming Provisions<br> Query (Issue) Started By: - Ramesh Das Dated:- 27-9-2011 Last Reply Date:- 30-9-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>I would like a clarification regarding the deeming....
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.... provisions of section 44 AD of the Income Tax Act, 1961. I had earlier raised a query of whether one would have to check if the assessee has made withdrawals during the year substantiating his expe....
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....nses. As discussed before all professionals are of the view that in case of the aforesaid section only the method of calculation of gross receipts would be under scrutiny and the amount of cash withd....
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....rawn would not matter. However, If the assessee has amassed property during the period and the same is from the gross receipts then would the case differ? As all the other revenue expenses are deemed....
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.... as allowed would the net amount (income) be the only addition to Net Worth of the Assessee ? Please clarify as I am totally confused. Regards Ramesh Reply By GOPALJI AGRAWAL: The Reply: I think....
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.... there is no need of confusion. The case will be covered under section 69 as the AO would not be satisfied with your source. Even AO may ask the assessee to file the reply that no expenses have been i....
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....ncurred in the business which will prove that the transactions are bogus.<br> Discussion Forum - Knowledge Sharing ....