9911796707
TMI Blog2024 (5) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... es establish that at no point of time, the net profit from the line of business of the assessee is as high as 10%. The accepted figures show that it is from 0.5% to 8%. In these circumstances, estimate of net profit at 10% is too high and on the face of the figures disclosed by the assessee, net profit at 0.5% is too low. Taking a pragmatic view, we consider the net profit at 5% is reasonable and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer noticed that there are certain deposits into the bank account of the assessee and those deposits constitute receipts from regular business transactions. Learned Assessing Officer not satisfied with the details filed by the assessee as to the net profit and income and made estimation of net profit at 10% on the gross receipts of Rs. 1,43,11,623/- amounting to Rs. 14,31,162/-. Learned As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one Mr. Jai Singh of Miyapur at 0.5% and 0.57% was accepted for the assessment years 2015-16 and 2016-17 by orders dated 28/03/2024 for both the years by the Revenue. Learned AR, therefore, prayed that the rate of net profit as estimated by the learned Assessing Officer may be scaled down and it may be accepted at 5%. 5. Per contra, learned DR submitted that the assessee himself had shown the ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the net profit declared by the assessee for the assessment years 2015-16 and 2016-17 was Rs. 4.69 lakhs and Rs. 4.66 lakhs as against the sales of Rs. 58.6 lakhs and Rs. 58.28 lakhs, roughly constituting 8%, though it was Rs. 5.16 lakhs and Rs. 5.58 lakhs against the sales of Rs. 1.43 crores and Rs. 3.03 crores respectively for the assessment years 2017-18 and 2018-19. 7. Be that as it may, these ..... X X X X Extracts X X X X X X X X Extracts X X X X
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