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TMI Blog2021 (4) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Sandhya For the Revenue : Sri Sunil Kumar Pandey, DR ORDER PER SMT. P. MADHAVI DEVI, J.M. This MA is filed by the Revenue u/s 254(2) of the Act seeking rectification of the alleged mistake in the order of the Tribunal in ITA No.1795/Hyd/2018, dated 31.12.2020. The submissions of the Revenue in the M.A are as under: To The Assistant Registrar Income Tax Appellate Tribunal Room No. 502 ft 505, Vth Floor CGO Towers, Kavadiguda Secunderabad - 500080 M.A. 8/H/2021 (ITA 1795/Hyd/2018) Sir, Sub: Filing of Miscellaneous Application on the Order of the Hon'ble ITAT, Hyderabad, A - Bench in ITA No. 1795/Hyd/2018 dated 31-12-2020 in the case of Sri. Alle Bala Nagi Reddy (PAN: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner of Income Tax (Appeals), Kurnool. The Ld. Commissioner of Income Tax (Appeals), Kurnool has passed order vide ITA No.0136/CIT(A)/KNL/2015-16 dated 15-06-2018, considering the submission of the assessee, directed the AO to adopt a profit rate of 7% and no deduction of depreciation ft interest. Further, the CIT(A) considering the possession of 231 Acres of Agricultural land holdings, held that 20% of the total agricultural income shown is to be income from other sources and directed the AO to delete the 80% of the Agricultural income added under Other sources. The Ld.C1T(A) confirmed the additions at S.No. (iii) (iv) and deleted the addition at S.No. (ii) above. The Hon'ble ITAT, Hyderabad, A Bench vide its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in directing the AO to adopt profit rate at 7% only, on the gross receipts as against various decisions of different tribunals/courts that it may not be out of place to mention that this Tribunal uniformly estimating the profit from main contract at 8% to 12.5 0 depending upon the factual situation as held in the case of Sri Gundapaneni Nageswarao Rao Vs. ITO (ITAT Hyderabad) M/s. Biswajit Roy vs ITO (ITAT Hyderabad). The Id. CIT(A) erred in directing the AO to adopt the profit rate at less than the profit rate range uniformly directed by various tribunals/courts when the books of accounts are rejected. 4. The Ld.CIT(A) erred in admitting the additional evidence filed in respect of deposits amounting to ₹ 44,93,500/- by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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