My client had received Time Barred Order u/s. 153 and an appeal is preferred which is pending disposal by concerned CIT (A). Surprisingly my client again received notice for reassessment proceedings from the Income Tax Officer. Please advise me whether ITO can Again ask for reassessment proceeding once he passed the Order U/s. 147 and previous order passed by him pending before CIT Appeal.
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Discussion / Re: Applicability of section 44AD in case of loss of Firm
January 09, 2013, 06:27:08 PM
But the Firm occured loss which is the maximum amount not chargeable to tax in case of partnership firms and hence the second condition of 44AD (5), being not satisfied, the firm is not covered by 44AB of the Act and is legally correct or not.
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Discussion / Applicability of section 44AD in case of loss of Firm
January 09, 2013, 05:43:59 PM
In one of the case of partnership firm, the total turnover is Rs. 57.40 Lacs and net loss of Rs. 50,000/-. If the firm does not want to show income u/s. 44AD of the I.T. Act @ 8% of Rs. 57.40 Lacs, whether the firm has to gets its accounts audited u/s. 44AB inspite of loss ?
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