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TMI Blog2012 (2) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal filed by the Revenue and two C.Os filed by the assessee are directed against the order of the CIT (A), Alwar dated 28.10.2010 relating to assessment year 2002-03. 2. In C.O. No.15, the assessee is objecting confirming the net profit rate @ 10.5% against net profit rate declared by the assessee at 10%. The assessee also filed another C.O. No.55/JP/2011, in which also the assessee is object ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this way, total income was assessed at Rs.21,98,100/- as against declared income of Rs.9,49,560/-. 5. The assessee preferred an appeal before the CIT (A), who after considering the submissions and perusing the materials on record reduced the net profit rate to 10.5% against 12.5% applied by the AO. Thereafter, ld. CIT (A) deleted the disallowance made under section 40A(3) and u/s 37(1) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of section 40A(3) and therefore, addition made by the AO is liable to be confirmed. 8. On the other hand, the ld. Counsel for the assessee relied on the order of the CIT(A) and the order of the Tribunal. Regarding net profit rate, the ld. Counsel for the assessee stated that reasonable view be taken. 9. After considering submissions made by both the parties and perusing the materials o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Banwari Lal Bansidhar 229 ITR 229. Therefore, the Ld. CIT(A) has rightly deleted the additions made u/s 40A(3) and u/s 37(1) of the Act. Accordingly, the order of the CIT(A) is confirmed in this regard. 10. Regarding trading addition sustained by the CIT (A) by applying net profit rate at 10.5%, we find that the provisions of section 145(3) of the Act are applicable as certain defects were the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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