2014 (8) TMI 351

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... : Nemo ORDER Learned counsel for the appellant-Revenue submits that Section 44AD of the Income Tax Act, 1961 (Act, for short) was not applicable as the gross turnover of the assessee was Rs. 2,86,70,726/-. Section 44AD applied when the gross turnover was Rs. 40 lacs or less during the relevant previous year. He has stated that in the present case the respondent- assessee was at fault as he ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d a balance 25% of gross receipt is treated as total income of the assessee. Deduction under chapter VI is not allowed in absence of supporting documents." 3. This cannot be the basis for calculating income even in case of best judgment assessment. Estimate made by the Assessing Officer has to be on some basis and determination of gross profit rate cannot be on mere ipsi dixit. The Assessing Of....