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TMI Blog2022 (5) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... , Member ( A ) For the Appellant : Rajeev Sachdeva , CA For the Respondents : Sanjay Kumar Nargas , Sr. DR ORDER (A) This appeal has been filed by the assessee against impugned appellate order dated 02.01.2018 of Learned Commissioners of Income Tax (Appeals), Karnal [ Ld. CIT(A) , for short] for Assessment Year 2007-08. Original assessment in this case was completed u/s. 143(3) of the Income Tax Act, ( IT Act , for short) at an income of Rs. 9,19,980/- vide order dated 18.12.2009; as against returned income of Rs. 1,58,170/-. While making assessment, accounts books were rejected u/s. 143(3) of the I.T. Act and net profit rate of 12% was applied on the gross contract receipt. However, deduction on account of material lab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 Order passed by CIT (Appeals) on 02.01.2018 3 Copy of Form 36 Appeal of ITAT 4 Copy of Original Assessment Order passed under section 143(3) on 18.12.2009 5 Copy of order passed by CIT, Karnal Under Section 263 Of the Income Tax Act 6 Copy of Show cause notice under section 263(1) of Income Tax Act, 1961 7 Reply of Show cause Notice u/s. 263(1) 8 Reply Regarding Assessment Proceedings for A.Y. 2007-08 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income in similar facts and circumstances was assessed at net profit rate below 12%. He also drew our attention to the aforesaid Assessment Order dated 15.03.2013 in which the AO has specifically mentioned that various judgments of Income Tax Appellate Tribunal [ Income Tax Appellate Tribunal , for short ITAT] were brought to the notice of the Assessing Officer wherein net profit rate of less than 12% was applied; but the Assessing Officer disregarded the orders of the ITAT, in a non speaking manner, and without assigning any reason. The Ld. AR of the assessee further submitted that the Ld. CIT(A) erred in declining to interfere with the order of the AO, despite the fact that the assessee deserved some relief, again disregarding the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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