2024 (9) TMI 784

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....This appeal is filed by the assessee against the order of the Ld.CIT(Appeals), Moradabad dated 10/12/2018 for the AY 2015-16. In the grounds of appeal the assessee challenged the order of the Ld.CIT(A) in sustaining the assessment made u/s 144 of the Act by applying the net profit rate at 8% on gross turnover. 2. Ld. Counsel for the assessee submits that the assessee firm was closed down in 201....

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.... the Act as the assessee could not respond to the notices. Best judgment assessment was made under 144 of the Act as assessee could not file the requisite details. The assessee contends that the action of the AO for estimating the income at 8% of turnover as per provisions of section 44AD since the provisions of section 44AD are not applicable on the assessee having turnover more than 1 crore. It ....