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TMI Blog2013 (3) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... rrect in law in upholding the order of the Ld. CIT (A) despite the fact that sufficient opportunities were given to the assessee by the Assessing Officer during the assessment proceedings. 2. Whether the Hon'ble ITAT was correct in law in confirming the order of the Ld. CIT(A) in deleting the additions of Rs.1,43,33,248/- on account of wages payable and Rs.68,000/- on account of salary payable, made by the A.O even when the identity, creditworthiness and the genuineness of the same could not be proved by the assessee? 3. Whether the Hon'ble ITAT was correct in law in confirming the order of the Ld. CIT(A) deleting the addition of Rs.68,98,994/- made by the A.O on account of purchase of material even when the genu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax (Appeals) for fresh decision. After remand, the Commissioner of Income Tax (Appeals) in its order dated 15.6.2010, considered the letter dated 1.4.2008 issued by the Assessing Officer during the course of assessment proposed to reject the books of account and compute profit from contract business under Section 144 of the Act by applying net profit @ 8% of contract receipts. On the basis of the said letter, the Commissioner of Income Tax (Appeals) found that income is required to be estimated @ 8% of the contract receipts and the additions on any other issues cannot be made. It is the said order passed by the Commissioner of Income Tax (Appeals), which has been affirmed in appeal by the Tribunal. Learned counsel for the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntained proper books reflecting the purchase of the material and the wages payable or paid, the revenue has no option but to frame best judgments assessment. It is not the case of the revenue that the assessee has not executed the work at all. In fact the order passed by the Assessing Officer shows the details of the work executed by the assessee. Learned Tribunal has recorded a finding that the Assessing Officer in the following assessment year applied 8% net profit rate on contract receipt. There is no dispute to the argument that each of the assessment year is independent proceedings and the Assessing Officer is within its jurisdiction to frame assessment by applying net rate of profit which he found prudent. But if in the earlier asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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