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TMI Blog2012 (7) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... en no proper books of accounts are maintained, where the turnover was exceeding the prescribed limit, the CIT(A)was justified in estimated 10% profit on the gross contract receipts - against assessee. - I.T.A.No. 201/Ind/2011 I.T.A.No. 275/Ind/2011 - - - Dated:- 30-5-2012 - SHRI JOGINDER SINGH, SHRI R.C.SHARMA, JJ. Assessee by : Shri Sumit Nema, Adv. Respondent by : Shri Darshan Singh, CIT DR O R D E R PER R. C. SHARMA, A.M. These are the cross appeals filed by the assessee and Revenue against the order of CIT(A) dated 21.06.2011 for the assessment year 2008-09. 2. Grievance of both assessee and Revenue pertain to applying net profit rate of 10% on the contract receipts declared by the assessee. 3. Rival ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditional evidence under rule 46A comprise of details and copies of invoices raised by the assessee for civil construction work done for M/s. Lupin Limited, Work orders issued by Moenus Textile Pvt.Ltd. for carrying civil construction work, work orders issued by Bhaskar Industries Limited alongwith. The paper book compilation containing additional evidences alongwith written submissions furnished before CIT(A) were forwarded vide letter dated 22.2.2011 to the Assessing Officer for verifying the claims of the assessee and a remand report dated 6.6.2011 was submitted by the Assessing Officer accordingly. The Assessing Officer in his report stated that new evidences produced by the assessee under rule 46A of the Income Tax Rules should not be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es specifying the nature of Civil Construction Work to be executed, copies of invoices raised by the appellant with respect to contract work done, copies of TDS certificates issued by these three companies giving details of payment and JTDS u/s 194C of the Income-tax Act. The appellant had also submitted duly sworn affidavit submitting these facts on oath. I find that the Assessing Officer during remand proceedings has not brought any evidence to disprove these evidences filed by the assessee appellant. Therefore, I am not inclined to accept the Assessing Officer s contention that no contract work was carried on by the appellant. I find that the appellant has himself submitted in his affidavit that he has not maintained any books of account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e income @ 8 % of the turnover from the business of civil work by taking guidelines from section 44AD of the Income Tax Act. In the instant case also no books of accounts, bills and vouchers for expenses and bank statement has been either maintained or produced by the appellant during the assessment and remand proceedings. Therefore, considering the totality of the facts and circumstances of the case, it would be appropriate and reasonable that income of the appellant is computed by estimating net profit rate at 10 % on the gross contract receipts of Rs.3,40,86,575/-. The total income of the appellate is estimated at Rs.34,08,658/- and in my opinion this estimation has been made judiciously and would meet the ends of justice. These grounds ..... X X X X Extracts X X X X X X X X Extracts X X X X
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