Case Law Details
Case Name : Shri Rattan Singh Rathod Vs Jt. CIT-25(2), Mumbai & Others (ITAT Mumbai)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
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Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs. 40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs. 40.00 lacs.
The assessee had given comparative cases of net profit varying from 2.93% to 9.96% as per details in para 5.8 earlier. The ld. AR for the assessee has argued that 6.65% net profit rate declared by the assessee is reasonable and net profit rate of 8% adopted by the AO is not correct as rate of 8% is to be taken under section 44AD which is applicable only in case of assessees...
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