Case Law Details
Case Name : Shri Thomas Eapen Vs ITO (ITAT Cochin)
Appeal Number : ITA No. 451/Coch/2019
Date of Judgement/Order : 19/11/2019
Related Assessment Year : 2015-16
Courts :
All ITAT ITAT Cochin
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Shri Thomas Eapen Vs ITO (ITAT Cochin)
The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing Officer a
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While it is clear order, stating that, once the 44AD is availed to file return, and 8% income is declared, AO cannot add any income, irrespective of what is actual profit. So, in nutshell, there is no need to declare actual income, as no audit is done. Only important is the actual receipts should match with the receipts you are offering in the return. Law is clear, judgements are clear, then why some CA’s keep telling that actual income should be offered ?.