Question ID : 1929
PRESUMPTIVE INCOME U/S 44AF
My client, who is dog both whole sale and ail trade on cycles and spares had made a turnover of Rs.16 khs and showed a Net profit of Rs.17,000,= books for A.Y 2005-06. She offered Rs. 63,000, with the narration the books that cash is offered for section 44AF and credited the same her capital account. By virtue of section 88-C she got rebate for the tax payable and filed a urn with Nil tax . The A.O has now issued a notice u, 271 B and propose to add the cash credit offered for section 44AF u, s 68 . Is he correct his decision ? Is 44AF applicable if both wholesale and ail are made a sgle trade a year. Please crify with case ws, if any.
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