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TMI BlogExpenses related to contract - disaalowedX X X X Extracts X X X X X X X X Extracts X X X X ..... Expenses related to contract - disaalowed X X X X Extracts X X X X X X X X Extracts X X X X ..... R 44AD, CONTRACT RECEIPT WAS 37LACS. FIRSTLY A.O. TREATED CONTRACT RECEIPT AS UNEXPLAINED INVESTMENT U/S 69. AFTER APROACHING C.I.T (APPEALS) IT ORDERED THAT TREATING CONTRACT RECEIPT AS UNEXPLAINED N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VESTMENT HAS NO MERIT, BUT HE DISALLOWED THE EXPENSES SHOWN IN PROFIT AND LOSS ACCOUNT RELATED TO CONTRACT AND THUS ENHANCED THE APPEAL. WHEN a return is filed u/s 44AD, then how the expenses shown in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Profit/loss account be disallowed. Reply By Mukesh Kumar: The Reply: If wish to calculate profit less that 8% as specified u/s 44AD, you are permitted to do so by virtue of sub section (6) of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 44AD i.e. 44AD(6) of the Income Tax Act, 1961 - Special provision for computing profits and gains of business of civil construction, etc. - The provisions of section 44AD(6) read as follows: - (6) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in sub-section (1), if he keeps and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB.< ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... br> Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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