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TMI Blog2011 (3) TMI 1806X X X X Extracts X X X X X X X X Extracts X X X X ..... disposed of by this common order for the sake of convenience and brevity. 3. The common ground pleaded by the assessee for both the Assessment Years under consideration are as follows : 1. That the estimation of net profit ratio at 7% of gross contract receipt by the Learned CIT (appeals) is high excessive and bad in law. 2. That incase of civil contractors in so many cases assessing officer as well as CIT (Appeal) has estimated net profit at 5 % of gross contract receipt where no proper books are maintained . but in the present case discretion has been made and same principal is not followed .which specks double standard of the AC, such discretion is not synonymous with caprice and discretion shall he exercised regards being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee by invoking the provisions of Section 145(3) and estimated the profit @5% of the gross contract receipts. Aggrieved by this order, the assessee went in appeal before the Commissioner of Income-tax (Appeals) and being unsuccessful, has filed the present appeal before the Tribunal. 6. During the course of hearing, the learned AR of the assessee has vehemently argued contending that estimation of profit @5% on gross contract receipts made by the lower authorities is very high, excessive and bad in law as the assessee is not a civil contractor but only a transport contractor. Apart from that both the authorities have denied the depreciation to the assessee which is contrary to the decision of Hon ble P H High Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed on factual aspects and thereby they are not infirm in any way requiring interference. Therefore, he sought for upholding the same by dismissing the appeal of the assessee. 8. On careful analysis of the factual aspects and material made available to the Tribunal in the light of the rival submissions of both the parties as well as the legal aspects involved therein, it is found that undisputedly the Assessing Officer has rejected the books of account produced by the assessee and resorted to Section 145(3) and estimated the profit to be taxable in the hands of the assessee. While doing so, the Assessing Officer has to follow the previous history of the assessee when it is available. Income returned by the assessee is below 5% of the gro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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