2013 (10) TMI 216

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..... It would be a pure finding of fact that what should be net rate of profit from the work of a civil contract. In Parbhat Kumar's case (2008 (11) TMI 356 - PUNJAB & HARYANA HIGH COURT), it was the revenue appeal, which was dismissed holding that net profit rate in proceedings of best judgment assessment after rejecting the account books would be question of fact when the findings recorded can be pr .....

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..... her on the facts and circumstances of the case, Hon'ble ITAT Bench Amritsar was justified in law and on the facts in deciding the case in favour of assessee which is totally against the decision of Punjab Haryana High Court in the case of M/s Parbhat Contractor, Sirsa, reported in ITR 293 of 2008 (323 ITR 675)." 2. The assessee is a civil contractor working primarily for the government departm .....

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..... t find any merit in the argument raised. In Kachwala Gems case (supra), the Hon'ble Supreme Court observed that in best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment and should not act totally arbitrarily, but there is necessarily some amount of guess work involved i .....

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