Section 44AD Inapplicable Above Turnover Limit; Past Profit Rate Adopted: ITAT Agra

Smt. Archana Dutta Vs ACIT (ITAT Agra) The ITAT Agra considered the assessee’s appeal for Assessment Year 2011-12 arising from an assessment completed under Section 144 of the Income-tax Act, 1961. The assessee, engaged in civil contract and road construction work for Government departments, had filed a return declaring total income of ₹17,96,170. The Assessing Officer (AO) completed the assessment by estimating net profit at 12% of the gross contract receipts after rejecting the books of account under Section 145(3), resulting in a substantial trading addition. The AO also made additions ...