9911796707
TMI Blog2010 (12) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... is preferred by the Revenue against the order of the CIT(A) on various grounds relating to estimation of income. 2. The facts in brief borne out from the records are that during the course of assessment proceedings, the books of accounts, cash book, ledgers, etc., produced by the assessee were verified by the Assessing Officer and he pointed out certain discrepancies therein. The Authorised Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice proposing the profit rate. Since the assessee itself has shown the better results in comparison to the earlier years, such addition was not called for. Having agreed with the contentions of the assessee, the CIT(A) deleted the addition and directed the AO to accept the profit declared by the assessee. 3. Now the revenue preferred an appeal before the Tribunal with the submission that duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble case in the same line of business. But the AO did not bring out any case in this regard and therefore the estimation made by the AO was based on conjuctures and surmises. The ld counsel of the assessee further invited our attention to the comparative statements of net profit for earlier years and the assessment order for the assessment year 2005-06, with the submission that the net profit show ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he percentage of profit was agreed upon by the AR of the assessee and the AO has estimated the profit at 12.5% of the gross receipts without bringing out any comparable case in this regard. Therefore we are of the view that the estimation made by the AO is not proper. Since the discrepancies are pointed during the course of assessment proceedings and the AR of the assessee has agreed for the estim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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