44AE

This query is : Resolved

rajni ASHANI (Querist)
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13 June 2009 ONE MY CLIENT TRANSPORT CONTRACTOR FILED HIS RETURN FOR A.Y.2007-08 AND SHOWN NET PROFIT EXCEDDING 44AE LIMIT.

BOOKS OF ACCOUNTS ARE PREPARED.

AFTER RECEIVING SCRUTINY NOTICE WETHER HE CAN ARGUE TO OFFICER THAT MY CLIENT HAS ALREADY DECLARED INCOME ABOVE 44AE LIMIT AND DENY SUBMISSION

THX

CA CS CMA Srinivasan N

CA CS CMA Srinivasan N (Expert)
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13 June 2009 Hi
As per 44AE the income may be higher also but for lower income the Records must prove and the Audit must be done.
As far as scrutiny is concerned since the Section attracts this business, it will be necessary to provide the details whether higher income or not.
However I am unable to find any case laws. Will let you know if I get.
Rgds

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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13 June 2009 You cannot deny any submissions as even if you had declared income as per the provisions of Section 44AE the provisions of Scrutiny assessment is applciable.

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