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TMI Blog2019 (7) TMI 1674X X X X Extracts X X X X X X X X Extracts X X X X ..... at from the net profit of 6%, no further any depreciation shall be allowed. - ITA No.461/CTK/2017 - - - Dated:- 26-7-2019 - Shri Chandra Mohan Garg, JM And Shri L.P. Sahu, AM Assessee by: Shri P.R.Mohanty, Advocate Revenue by: Shri Subhendu Dutta, DR ORDER L.P.Sahu, AM: This is an appeal filed by the assessee against the order of the CIT(A), Cuttack, dated 03.08.2017 for the assessment year 2012-2013, on the following grounds of appeal: 1) For that the order passed by the forum below is ex-facie illegal, excessive, bad in law and as such liable to be quashed in limine. 2) For that on the facts and under the circumstances of the case, the Ld. Forum below is not justified in estimating profit @ 6.5% whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould not produce bills and vouchers relating to the expenses booked in the profit and loss account and he produced only ledger accounts. Ld. AR of the assessee could not make compliance to the requirement of the AO viz. separate set of books of accounts, cash book, ledger account, bills and vouchers, purchase and sales register, expenditure vouchers and separate financial details etc. Accordingly, he was not satisfied regarding correctness and completeness of the account of the assessee and rejected the books of accounts of the assessee as per Section 145(3) of the Act and framed assessment u/s.143(3) of the Act. The AO applied net profit @7% on the gross receipts of ₹ 40,22,57,024/- excluding other income shown by the assessee of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, therefore, he justified the order of the CIT(A), which should be upheld. 7. After hearing both the sides and perusing the entire material available on record, we noticed that the assessee is engaged in various sectors of business wherein the rate of net profit may not be at a similar line. We also notice that the assessee could not produce complete bills and vouchers and sector-wise books of accounts before the AO. The AR of the assessee also produced the CIT(A) s order for assessment year 2011-2012 in which the ld. CIT(A) has accepted 5% net profit on the gross receipts. Ld. DR also could not controvert with regard to filing of any appeal by the department against the acceptance of net profit @5% by the CIT(A) in the immediat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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