9911796707
TMI Blog2022 (4) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 20.05.2019 u/s 143(3) of the Income Tax Act, 1961 (in short 'Act') for the Assessment Year (A.Y.) 2008-09 with the delay of 4 days. The revenue filed condonation petition submitting that the delay in filing the appeal was due to unforeseen circumstances beyond the control of the revenue which is neither deliberate nor intentional, hence requested to condone the delay and admit the appeal. After going through the condonation petition filed, we observe that there is sufficient cause for the delay in filing the appeal, hence, we condone the delay and admit the appeal. 2. The revenue raised the following grounds of appeal : 1. The order of the Ld. CIT(A), Rajahmundry is erroneous on facts and in law. 2. The CIT(A) erred in directing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Y.2008-09, the firm filed its return of income on 28.09.2008, declaring total income of Rs. 2,48,42,090/-. After processing the return of income u/s 143(1), the case was selected for scrutiny through CASS and accordingly notices u/s 143(2) & 142(1) were issued. In response to the notices, the assessee filed letter dated 25.11.2010, stating that the books and other connected records could not be produced as the said books and relevant records are with Insurance Company in respect of pending claim. The assessee also stated that with the help of CD, hard copies of ledger and day book have been printed and filed before the AO. Subsequently, summons u/s 131 were issued on the assessee on 21.12.2010. In response to the summons, Shri Kola Srini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as observed by the AO. The AO as mentioned in para 10 of the assessment order, estimated total income at Rs. 4,38,33,473/-. 3. Aggrieved by the order of the AO, the assessee filed appeal before the CIT(A), Rajahmundry. The Ld.CIT(A) based on the submissions made by the assessee and relying on the Hon'ble Jurisdictional Tribunal, Visakhapatnam in ITA No.270/Viz/2016 dated 22.12.2017 in the assessee's own case for the A.Y.2011-12, estimated the income @ 8% on main contracts and @5% on sub contract works. 4. Aggrieved by the order of the Ld.CIT(A), the revenue is in appeal before us. The Ld.DR, referring to page No.6 of the assessment order, submitted that the assessee has agreed for the estimation of income by the AO. The Ld.DR relied on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey are not contesting allowability of interest and remuneration, but pressing on the allowability of depreciation from the estimated income. 6. We have heard both the parties, perused the material available on record and also the orders of the authorities below. We find from section 29 of the Income Tax Act that the income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D. As quoted by the Ld.DR, we note that all deductions are referred to under section 29 are deemed to have been taken into account while making such an estimate. This means that the allowability of expenditure as specified in section 28 to 44 are deemed to have been allowed and no further deductions shall be allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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