ITAT restored AO's estimation of profit at 8% u/s 44AD & 44AF
Case Law,May. 12, 2016
Assesseewas in the business of Jari labour income, and declared total income ofRs.2,49,042. AO made addition of peak balance of Rs.82,690 u/s 69 and alsocalculated net profit @ 8% on the total credit of Rs.16,87,380, in assessee'sbank account. AO rejected revised return filed u/s 139(5). CIT(A) enhancedaddition by estimating net profit @ 47% of undisclosed credit. ITAT restoredAO's estimation of profit at 8% u/s 44AD & 44AF.