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TMI Blog2008 (8) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 52,10,010. Against that order, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals) and the Commissioner of Income-tax (Appeals) has estimated the profits of the assessee at 8 per cent. of the contract receipts, having found that the total addition made by the Assessing Officer is highly exorbitant which would amount to net profit at 27.28 per cent., which is comme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2002-03 on October 28, 2002, disclosing a total income of Rs. 1,60,000 and claiming refund of excess tax deducted at source in a sum of Rs. 2,35,453. It is the case of the Revenue that the assessee has not accounted the correct receipts and on that basis the Assessing Officer computed the total income of the assessee at Rs. 52,10,010. Against that order, the assessee preferred an appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the circumstances of the ease, the Income-tax Appellate Tribunal was right in law in deleting the additions made by the Assessing Officer to the tune of Rs. 48,43,782 even though the assessee has not accounted the correct receipts of his business ? 2. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in sustaining the order of the Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation have been made on the sole ground that the accounts maintained by the assessee has not been proper. The Tribunal has also taken into consideration that under section 44AD also when the books of account are not maintained, income has to be estimated only at 8 per cent. and hence the order of the Commissioner of Income-tax (Appeals) estimating the income at 8 per cent. cannot be regarded as on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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