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TMI Blog2018 (8) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... N/2016 - - - Dated:- 8-8-2018 - Shri D. Karunakara Rao, AM And Shri Vikas Awasthy, JM Assessee by : Shri Sunil Ganoo Revenue by : Shri Mukesh Jha ORDER Per Vikas Awasthy, JM This cross appeals by the assessee and the Revenue are directed against the order of Commissioner of Income Tax (Appeals)-2, Nashik dated 07-01-2016 for the assessment year 2012-13. 2. The assessee has raised following grounds in appeal against the order of Commissioner of Income Tax (Appeals) : [1] On the facts and in the prevailing circumstances of the case and in law, the learned CIT(A) is not justified in confirming the estimated addition of ₹ 2,96,75,198/- @10% of contract receipt), as against estimated addition made by the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) by CIT(A) may please be deleted. [4] The Appellate craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of the appeal, if deemed necessary at the time of hearing of the appeal. 3. The Revenue has assailed the findings of Commissioner of Income Tax (Appeals) on the following grounds : 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in estimating the net income of the assessee @10% as against 15% estimated by the Assessing Officer without appreciating various defects as pointed out by the Assessing Officer in the assessment order. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not considering th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spectively. The assessee carried the matter in appeal to the Tribunal in ITA Nos. 1566, 1563 1565/PUN/2014 for the assessment years 2008-09, 2009-10 and 2011-12, respectively against fixing net profit @ 10%. The Revenue also carried the matter in appeal before the Tribunal in ITA No. 1689 to 1692/PUN/2014 for the assessment years 2008-09 to 2011-12. The Revenue assailed the findings of Commissioner of Income Tax (Appeals) in reducing the net profits from 15% to 10%. The Tribunal vide order dated 22-09-2017 disposed of all the appeals of the assessee and the Revenue by estimating net profit @ 9% of the total contract receipt. In the present cross appeals the same issue has been agitated by both the sides by raising similar grounds. The ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee in grounds of appeal as agreed for estimated addition of Net profit @ 8%. Certainly, estimation of income @ 15% of gross contract receipts is on higher side and without any rational. The ld. DR has not been able to substantiate the action of Assessing Officer in adopting 15% ratio. After taking into consideration totality of facts, we are of considered view that if the estimation of net profit as proposed by Commissioner of Income Tax (Appeals) is further reduced by 1% (one percent) i.e. brought down to 9% of total gross contract receipts for all the assessment years i.e. assessment years 2008-09 to 2011-12, it would meet the ends of justice. We hold and direct, accordingly. 7. Both the sides are unanimous in stating that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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