2017 (1) TMI 1610

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..... 016 for the assessment year 2010-11. 2. The sole issue involved in this appeal is that the CIT(A) erred in confirming the order of the Assessing Officer estimating net profit @ 5% of the turnover after rejecting book results of the assessee thereby making addition of Rs. 2,42,193/- to the income of the assessee. 3. I have heard the rival submissions and perused the orders of lower authorities an .....

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..... was in A.Y. 2007-08, A.Y. 2008-09 and A.Y. 2009-10 @ 3.04%, 2.77% and 2.64% respectively. The details are as below: SI.No. Asst. Year  Turnover Net Profit Result 1 2010-11 Rs.1,17,23,955/-  Rs.3,52,083-(3.0%) Assessed u/s.143(3) 2. 2009-10  Rs.1,64,58,110/- Rs.4,35,696/-(2.64%) Accepted u/s.143(1) 3. 2008-09 Rs.1,56,34,160/-  Rs.4,33,703/-(2.77%) Accepted .....

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..... ncome is excessive. It is not in dispute that the net profit rate declared and accepted by the department in the immediately preceding assessment year's is in A.Y. 2007-08 @ 3.04%, in A.Y. 2008-09 @ 2.77% and in A.Y. 2009-10 @ 2.64%. In my considered view, after rejecting of book results of the assessee, the income of the assessee has to be estimated by the Assessing Officer but while doing so, he .....

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