9911796707
TMI Blog2013 (11) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... law and is liable to be quashed in it's, entirety on the face of the appellant's participation in assessment proceeding, producing the relevant records such as the joint venture agreement, sub contract agreement and the TDS certificates which doubtlessly substantiates the legality of accounting transaction. 2. For that, the Learned CIT(Appeal) committed illegalities in not adjudicating the grounds of appeal no- 3 exclusively dealing with double taxation on same income and allowance of expenditure debited in to the Profit and loss account in conformity to the Section 1 94C of the income Tax Act. 3. For that the determination of gross receipt and estimation of net profit @ 8% in the hand of the appellant is illegal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them Shri Chttaranjan Swain by way of sub-contract. After completion of the contract they received the proceeds from the Railway and while making payment to the executor i.e., Shri Chttaranjan Swain, TDS was deducted as per Form 16A and remit the same to the government of India. The assessee has filed return offering NIL income and it was initially processed u/s.143(1) and later on taken up for scrutiny assessment after issuing notice u/s.143(2) of the I.T.Act but the assessee has not responded to that notice. Hence, the Assessing Officer has issued notice u/s.142(1), in response to which the AR of the assessee appeared and submitted compliance report and it is on record. Later on the Assessing Officer on perusal of the memorandum of Joint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be made estimating the Net Profit @8% of gross receipts shown as per the bills issued by the South Eastern Railway and in case the assessee has any objection to the proposed estimation of profit, such objection should be made on or before 12.9.2011. This was also not complied by the assessee. Therefore, the Assessing Officer proceeded to pass the assessment order by estimating the income @8% on the gross receipts shown as per the bills issued by the South Eastern Railway and passed the assessment order. 4. The assessee having been aggrieved with the said assessment order, preferred appeal before the Commissioner of Income-tax (Appeals) and the learned CIT(A) agreed with the findings of the Assessing Officer besides that the learned CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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