Question ID :
44669
Power of A.O. under Sec. 44AD
one my client engaged in the business of developing and selling residential land during the year 2019-20 he sold land worth Rs40 Lacs but by virtue of sec 43CA the value came Rs 10500000 the asessee took Rs 10500000 as consideration resorted to Sec 44AD and filed the return taking the profit @ 8% but A.O. mentioning that profit in real state business used to be 20% assessed the income at 15%. without any evidence otherwise ,Is there any case law in support.
Posted by
Rajesh Chandra Sharma
on
Jun 22, 2024
Filed Under
DIRECT TAXES