2012 (5) TMI 687

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..... stimation by applying 8% profit rate. The interest income which is business income of the assessee is covered in the said estimation and separate addition is not required. Modify the order of the Assessing Officer and CIT(A) and direct the Assessing Officer not to include the interest income of 79,400//- in estimation of total income. The assessee gets relief of 79,400/-.
SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI A.L. GEHLOT, ACCOUNTANT MEMBER Appellant by : None Respondent by : Shri Suhail Akhtara, Jr. D.R. ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: This is an appeal filed by the assessee against the order dated 16.06.2011 passed by the learned CIT (Appeals)-II, Agra for Assessment Year 2006-07. 2. The grounds raised in th .....

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..... ose family friend and very old client, the undersigned counsel (Navin Gargh, Advocate) remain occupied with them in the mourn moments." 5. Adjournment application was rejected by the Bench on the ground that there were no good reasons for adjournment. It may also be stated that on the earlier date of hearing i.e. 24.04.2012 also the assessee's Counsel submitted adjournment application stating that the assessee was out of station and hence the appeal could not be completely prepared. Though, in the interest of justice on 24.04.2012 the case was adjourned to 16.05.2012. However, since there was no good and sufficient reason for adjournment, therefore, the request for adjournment was rejected as stated above. After rejecting the adjournment a .....

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..... timation of contract receipt includes this interest income also. After considering the totality of the facts of the case, past history of the assessee and statutory presumptive tax scheme of the Act, section 44AD wherein for such cases 8% rate of profit on total turnover has been prescribed to determine the business income. We are aware that though the said section 44AD does not directly apply to the case under consideration as the said section 44AD is applicable in the case of the assessee where turnover is not exceeding the prescribed limit. In the case under consideration, there is no good reason for estimating profit by applying lower rate than 8% as small assessee having turnover not exceeding ₹ 40 lakhs are legally required unde .....

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