Income Estimation at 8% Confirmed as Turnover Exceeds 40 Lakhs; Section 44AF 5% Rate Not Applicable.

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....Computation of assessee income - GP estimation - For applying section 44 AF, it is clear that the total turnover of the assessee must be less than 40 lakhs of rupees. In the present case as mentioned hereinabove turnover the assessee, as per the case of the assessee as well as of the assessing officer was more than 40 lakhs, therefore the rate of 5% cannot be applied as claimed by the assessee - Estimation of income @8% confirmed - AT....