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TMI Blog2017 (8) TMI 178X X X X Extracts X X X X X X X X Extracts X X X X ..... he grounds inter alia that : 1. That the income returned by the appellant at 9.9 per cent. being reasonable even better than the other comparable cases decided by the hon'ble Tribunal, the same should have been accepted as the assessee maintains the regular books of account audited under section 44AB of the Income-tax Act by the authorities below. 2. That the ad hoc disallowance made by the learned Assessing Officer should have been entirely deleted by the learned Commissioner of Income-tax (Appeals) and he is not justified in sustaining the following additions in view of the case law cited before him. (a) Fuel and lubricants Rs. 3,82,813 (b) Incentive to staff Rs. 1,95,500 (c) Employer's contribution to the provident ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al matters, a chartered accountant in his role of a tax auditor is also trusted by the Legislature and that is why he has been assigned the role of a tax auditor under several provisions of the Income-tax Act. The accounts audited by him have very high evidentiary value. His report cannot be lightly ignored and is binding on the Assessing Officer except in cases falling under section 145(3) as also on the assessee. And therefore the net profit shown in the audited profit and loss account and certified by the tax auditor to be correct cannot be ignored. 5. That the comparable cases of the Income-tax Appellate Tribunal accepting lesser margin of profit should have been accepted by the authorities below. 6. That it is settled law that when ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the total income of the assessee and assessed the total income at Rs. 65,30,164. 4. The assessee carried the matter before the learned Commissioner of Income-tax (Appeals) by filing the appeal who has partly allowed the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 5. We have heard the learned authorised representatives of the parties to the appeal gone through the documents relied upon and orders passed by the Revenue authorities below in the light of the facts and circumstances of the case. Grounds Nos. 1, 2 and 3 6. The Assessing Officer while noticing that an amount of Rs. 76,56,258.53 was debited in the profit and loss account under the head "fuel and lubricants and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction of the evidence on expenditure claimed by the assessee particularly when the assessee has disclosed the net profit at 9.9 per cent. as against the net profit of 1 per cent. to 4 per cent. in the same trade and this fact has already been accepted in numerous cases decided by the Tribunal duly detailed in paragraph 5 of the impugned order passed by the learned Commissioner of Income-tax (Appeals) as per the submissions made by the assessee. 9. However, the learned Commissioner of Income-tax (Appeals), even after discussing the settled principles of law relied upon by the assessee that, "if there is no challenge to the transaction represented by the entries then it is not open to the Revenue or other side to contend that what is shown ..... X X X X Extracts X X X X X X X X Extracts X X X X
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