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TMI Blog2022 (12) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... imation of the AO, CIT(A) has reduced the net profit to 4%. Thus, we find no infirmity in the order passed by the ld. CIT(A). Thus, the ground raised by the Revenue is dismissed. - I.T.A. No.2675/Chny/2019 - - - Dated:- 12-10-2022 - Before Shri V. Durga Rao, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member APPELLANT BY : SHRI G. JOHANSON RESPONDENT BY : SHRI S. SRIDHAR ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the Revenue is directed against the order of the ld. Commissioner of Income Tax (Appeals) 1, Trichy, dated 08.07.2019 relevant to the assessment year 2016-17. 2. The appeal filed by the Revenue is delayed by three days in filing the appeal before the Tribunal, for wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,400/-. 4. On appeal, by considering earlier years, the ld. CIT(A) restricted the net profit margin at 6% with depreciation or 4% without depreciation as against 3% declared by the assessee. 5. Aggrieved, the Revenue is in appeal before the Tribunal. The ld. DR strongly supported the order passed by the Assessing Officer and submitted that the assessee being a civil contractor and no books are maintained and the presumptive rate of net profit of 8% reflects the legislative approved rate of net profit, which the ld. CIT(A) should have considered as fair and reasonable to estimate income from civil contract business. 6. On the other hand, the ld. Counsel for the assessee has strongly supported the order passed by the ld. CIT(A). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same was accepted by the Assessing Officer under section 143(3) of the Act. In the assessment year 2014-15, the assessee has estimated the net profit at 3% and the Assessing Officer determined the net profit at 3.50% under section 143(3) of the Act. In the assessment year under consideration, the assessee has declared the net profit at 3% and the Assessing Officer has estimated the net profit at 8%. On appeal, the ld. CIT(A) scale it down to 4% without depreciation. We find that by referring to various case law and after considering earlier assessment years estimation of the Assessing Officer, the ld. CIT(A) has reduced the net profit to 4%. Thus, we find no infirmity in the order passed by the ld. CIT(A). Thus, the ground raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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