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TMI Blog2013 (11) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... K S S Prasad Rao: This appeal is filed by the assessee having been aggrieved by the order of the Commissioner of Income-tax (Appeals) dt.24.08.2012 for the Assessment Year 2009-10 in the case of the assessee. 2. The assessee raised the following issues in the grounds of appeal. 1. For that the order passed U/s 144 of the Income tax is illegal, arbitrary, perfunctory and not sustainable in the eye of 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 Learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of rival submissions as well as the material made available to the Tribunal, the undisputed facts are that the assessee is a Joint Venture concern. The Joint Venture consists of two Members namely P.K.Mohanty and Chittaranjan Swain, both are proprietorship concerns. After getting the contract amount from the Railway, the Joint Venture assigned the work to one of 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r (Con) replied that in the Joint Venture of the assessee, Shri Chttaranjan Swain of Plot No.128, Dharama Vihar, P.S.Khandagiri, Dist. Khurda, Bhubaneswar, Orissa is one of the partner of Joint Venture. From this he found that the sub-contract was not valid one. The Assessing Officer has informed the assessee vide show cause notice dt.2.9.2011 stating that the assessment would 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 e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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