9911796707
TMI Blog2012 (6) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... mation of income of the assessee made by the assessing officer adopting a rate of 5% is on higher side, and it would meet the ends of justice if the income is estimated applying a rate of 3%. In deciding the issue as above, we considered the fact that the assessee does not own trucks used in the business and is incurring huge incidental expenditure. From such income estimated applying rate of 3%, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in this appeal read as follows- 1. The order of the learned Commissioner of Incometax( Appeals) is erroneous both on facts and in law. 2. The learned Commissioner of Income-tax(Appeals) erred in confirming the estimation of income at 5% of the gross receipts. The learned Commissioner of Income-tax(Appeals) ought to have seen that the said estimation at 5% is much higher and ought to h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, the CIT(A) upheld the assessment thus made by the assessing officer. In the proceedings before us, the assessee without questioning the rejection of the books of account, pleaded that the estimation of income adopting a rate of 5% is on higher side and needs to be reduced. It is also submitted that the lower authorities are not justified in not allowing the deduction in terms of S.40(b) on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... others in the case of M/s. C.Eswara Reddy Co., Hyderabad, relied upon by the learned counsel for the assessee, wherein the Tribunal, vide para 14 of its order dated 31.1.2011, even in a case covered by the provisions of S.44AD, has directed the assessing officer to allow deduction towards salary and interest and salary paid to partners, from out of the income estimated in terms of S.44AD of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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