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TMI Blog2020 (5) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal is filed by the assessee against the order dated 27/03/2019 passed by CIT(A)-16 New Delhi for Assessment Year 2018-19. 2. The grounds of appeal are as under:- "1. That on the facts and circumstances of the case, the order passed by the Ld. CIT(A) - 16 is bad both on the facts and in law in confirming the addition of Rs. 55,83,787/- made by A.O by erroneously applied Section 44AD of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Statement including Balance Sheet and P & L A/c during assessment proceedings. Whereas the A.O. took gross receipts value as shown by the appellant in its P & L A/c even after rejecting the same. 5. That the A.O. disallowed the loss of Rs. 27,49,347/- claimed by the appellant in the Income Tax Return for the A.Y. 2010-11 without any adverse material available against the appellant on record an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - vide Acknowledgement No. 245796791161017 in compliance to the Notice u/s 148 dated 30.03.2017. Director of the Company attended the hearing and filed Audited financial statement including Balance Sheet and P & L A/c for the A.Y. 2010-11. The Assessing Officer completed the assessment proceeding and assessed the total income of Rs. 28,34,440/- i.e. 8% of total receipts of Rs. 3,54,30,497/- by tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 44AD and applied rate of 8% on the contract receipts of the assessee during the year under consideration. The CIT(A) further observed that the request of the assessee to restrict the rate to 3% was never substantiated by the books of accounts nor was a part of the provisions of the Income Tax Act. Thus, there is no need to interfere with the findings of the CIT(A). Therefore, the appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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