Non filing of return | Section 44AD | Application of 8% Rate by AO justified

Unity Automation Solution Ltd. Vs ITO (ITAT Delhi) The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax. After issuance of notice u/s 147 they have filed return with loss and audited Financial Statement. A.O. rejected this loss and covered this case u/s 44AD by showing 8% profit. ITAT held that A.O. rightly invoked the provisions of Section 44AD and applied rate of 8% on the contract receipts of the assessee during...