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TMI Blog2022 (5) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... ngh , VP This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-12, Chennai in ITA No. 139/CIT(A)-12/17-18 dated 31.10.2018. The assessment was framed by the Income Tax Officer, Non-Corporate Ward 19(4), Chennai u/s. 143(3) of the Income Tax Act, 1961 (hereinafter the 'Act') for the assessment year 2015-16 vide order dated 08.12.2017. 2. The only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to AO, since the total turnover/gross receipts during the financial year 2014-15 relevant to this assessment year 2015-16 does not exceed the amount of Rs. 1 crore and the assessee's nature of business being sale of future transactions (derivatives in recognized stock exchange) and hence, falls under eligible business as defined u/s. 44AD of the Act. Therefore, the AO computed profit rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y assessment, the AO is supposed to make assessment as per the provisions of the Act and to determine the true income from the accounts particularly when the assessee has maintained books of account in term of section 44AA of the Act. Accordingly, the assessee stated that matter can be remanded back to the file of the AO to make assessment in term of normal provisions and not u/s. 44AD of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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