2014 (8) TMI 1075

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....961 against the order dated 13th March, 2014 passed by the Income Tax Appellate Tribunal 'B' Bench, Kolkata in I.T.A.No.767/Kol/2013 for the assessment year 2008-09 on the following questions:- "i) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in not applying the provisions of Section 40(a)(ia) of the said being specific disallowances for non ....

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....id Act." Ms.Smita Das De, learned advocate for the appellant submits that further additions should have been made to the presumptive profits and gains for business or profession arrived at by applying Section 44AD. According to her, such additions were applicable under Section 40(a)(ia). We find that the learned Tribunal while allowing the appeal of the assessee had held as under; "....

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....on books of account for estimation of profits. This fact is accepted by assessee as well as by revenue. We are of the view that once the net profit rate is estimated the AO cannot base his disallowance on the same books of account for the purpose of disallowance by invoking the provisions of section 40(a)(ia) of the Act or general disallowance u/s 37 of the Act. The estimation made by AO of net pr....