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TMI Blog2018 (2) TMI 1824X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) has considered the case of M/s Shivam Constructions Engineers, Srinagar (2012 (5) TMI 762 - ITAT AMRITSAR) in which, the net profit rate was directed to be applied @7% subjected to no further allowances. Therefore, in our considered opinion, CIT(A) is right in granting relief to the assessee. Addition on account of suppression of receipts by the assessee - Held that:- CIT(A) rightly held that no separate addition is called for as the net profit rate @ 7% has already been taken into consideration undisclosed receipt for the purpose of computing the total income, hence, for ground Nos.2 & 3 also stand dismissed. The order passed by the Ld. CIT(A) is based on the logical reasoning and does not suffer from any illegality, perversity and imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the relevant year, thus showing significant deviation but could not be examined in the absence of books of account, however, on verification of TDS certificate issued by the Exen, PMGSY (JKRRDA) Division, Pulwama, it was found that the gross contract receipts paid to the assessee are to the tune of ₹ 5,13,99,460/- against the declared receipts of ₹ 4,56,13,998/- thus suppressing the receipts by an amount of ₹ 57,85,462/- which were not explained by the assessee on the ground that the books of account have been destroyed in the floods of September, 2014. However, the assessee insisted that the rejection of books version may be looked into from the CBDT's instruction F.No.225/303/2014/ITA-II dated 30.12.2014 issued in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unity to do so. Further the Ld. CIT(A) has erred in failing to appreciate that suppression of receipts is a infraction of law that can be penalized and as such cannot be clubbed with any other issue as done by him. 5. We have gone through with the facts and circumstances of the case and specifically the order impugned herein as it is not in doubt that the assessee had failed to produce the books of account or other supporting evidence on record. The same was destroyed in the floods of September,2014 in Srinagar and FIR to this effect was also produced by the assessee before the Assessing Officer, however, the AO finding no alternative, invoked the provisions of Sec.145(3) of the Act for rejection of books of account and proceeded for best ..... X X X X Extracts X X X X X X X X Extracts X X X X
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