Assessee executed works contract for State Public Works Department relating to road construction. \u00a0The assessee did not get his accounts audited and furnished income at 3 per cent turnover based on estimates. Assessing Officer \u00a0held that since assessee had not maintained accounts, determined income at 8 per cent as per section 44AB, resulting in enhancement of income. On appeal, Commissioner (Appeals) scaled it down to 4 per cent without depreciation.\u00a0\u00a0 Tribunal up held the order of CIT (A).\u00a0 On appeal by the Revenue, High court affirmed the order of the Tribunal (AY. 2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 44AD : Presumptive basis-Civil construction-Best judgement-Books of account not audited-Estimation at 4% is held to be justified. [S. 44AB, 144] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-38074","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9U6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38074"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38074\/revisions"}],"predecessor-version":[{"id":38075,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38074\/revisions\/38075"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}