2018 (3) TMI 469

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..... assessee’s own case and has rightly come to a conclusion that the estimation of profit at 14.5 per cent of the receipts would be just and proper in the facts and circumstances of the case. - I.T.A. No. 582/Kol/2015, I.T.A. No. 583/Kol/2015 - - - Dated:- 1-3-2018 - Shri N.V. Vasudevan, Hon ble Judicial Member And Shri Waseem Ahmed, Hon ble Accountant Member Shri Dev Kumar Kothari, FCA, appeared on behalf of the assessee Shri S.Dasgupta, Addl. CIT, DR appearing on behalf of the revenue ORDER Per N.V. Vasudevan :- Both these appeals are filed by the revenue directed against two separate orders of the ld. Commissioner of Income Tax (Appeals)-13, Kolkata, (hereinafter the ld. CIT (A) ), both dt. 24/02/2015, passed u/s 2 .....

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..... mount Accounting charges 24000 Commission received 18828903 Bank Commission and charges 8206 Intt on loan 130300 Audit fee 30000 Electricity Charges 145050 Depreciation 646370 Rent 100000 Other General Expenses .....

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..... r noticed that the past history in the assessee s own case was as follows:- P.Y. Ended Asst. Year Gross Revenue Returned Income Assessed Income Assessed u/s Returned income as % of gross revenue Assessed Income as % of gross revenue 31.03.07 2007-08 10203388 976983 976983 143(1) 9.58 9.58 31.03.08 2008-09 12973681 1768441 1768441 .....

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..... rofit of the assessee at 14.5 per cent of the turnover. 4.2. As far as the Assessment Year 2011-12 is concerned, the ld. CIT(A) was of the view that the books of account of the assessee were not reliable and he, therefore, rejected the book results and made an estimation of the profits of the assessee u/s 145 (3) of the Act. He found that the action of the Assessing Officer would mean that the assessee earned 69 per cent profit of his receipts which was highly unlikely in any kind of business. Taking note of the assessee s past history of the case, the ld. CIT(A) estimated the income of the assessee at 14.5 per cent of the receipts. 5. Aggrieved by the relief allowed by the ld. CIT(A), the revenue has preferred these present appeals b .....

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