9911796707
TMI Blog2021 (12) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, the gross profit rate shown by the assessee is 29.29% as compared to the gross profit fate of 27.87% shown in the immediately preceding year. ITAT is of the opinion that the gross profit rate shown during the very year is much better than the gross profit of preceding year and, in such circumstances, there is justification for complete decline of contract expenditure claimed by the asssessee, which goes to constitute the gross profit rate. ITAT has further taken into consideration the profit and loss accounts of the assessee for comparison of expenses and found that the same are in order. After finding the gross profit shown by the assessee as reasonable, the ITAT has found that the assessee s claim of interest expenditure and deprec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idences as mentioned in the assessment order by the AO that the assessee has not maintained proper books of accounts even when the ld. ITAT also agreed for some technical mistakes in the books of accounts and the decision of AO rejecting books of account was not cancelled ? 2. Whether, on the facts and in the circumstances of the case, the ld. ITAT has erred in determining the income of the assessee at ₹ 50 Lakh on adhoc basis even after accepting that it is undisputed fact that there are technical mistakes in the maintenance of Books of Account by the assessee and the observation of the AO with regard to the expenditure has also been upheld ? 3. Whether, on the facts and in the circumstances of the case, the ld. ITAT has erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals-2), Udaipur (for short the CIT(A) ) by way of appeal. The CIT(A) vide order dated 22.7.2019 has directed the Assessing Officer to estimate profit @ 10.32% before depreciation and further directed that the depreciation shall be allowed on fixed assets (except for the fixed assets added during the year under consideration). After giving effect to the order of the CIT(A), the assessee s income was recomputed at ₹ 15,73,12,882/-. Being aggrieved with the order dated 22.7.2019 passed by the CIT(A), the assessee as well as the Revenue have filed separate appeals before the ITAT. In appeal being ITA No.270/Jodh/2019, the assessee has raised the only grievance relates to the addition made by the Assessing Officer estimating the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Anjay Kothari, learned counsel appearing for the assessee, while supporting the impugned orders passed by the ITAT, has argued that no substantial questions of law involve in the instant appeals as the findings arrived at by the ITAT are based on facts, which are not liable to be interfered with. Heard learned counsel for the parties and perused the material available on record. The ITAT has observed that though there is no dispute regarding the fact that there are some technical mistakes in maintaining the books of accounts, however, the Assessing Officer should not loose sight of the gross profit rate shown by the assessee during the year under consideration as compared to the gross profit rate shown in the immediate proceeding year ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
