9911796707
TMI Blog2024 (8) TMI 923X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant that the main contractor M/s. Madhucon Projects Ltd has filed revised statement of TDS and corrected misreporting of turnover in the name of the assessee and the same has been finally updated in Form 26AS appears to be bonafide and genuine. Therefore, we are of the considered view that, when the appellant is able to file necessary evidences including Form 26AS to justify the turnover reported for the year under consideration, then the AO is incorrect in adopting the turnover of Rs. 58,00,87,847/- only on the basis of letter filed by the assessee. Although the CIT (A) has in principle agreed with the contention of the assessee in respect of rate of profit and turnover, but erred in directing the AO to verify the claim of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed u/s 154 of the Act dated 06.04.2022 requesting to rectify the turnover of the firm of Rs. 22,31,24,260/- which is wrongly taken in the assessment order as Rs. 58,00,87,847/-. 6. The Ld. CIT(A) ought to have appreciated that the AO erred in completing the assessment without providing sufficient opportunity to the assessee which is against the principles of natural justice. 7. The Learned CIT(A) ought to have appreciated the fact that the AO has reopened the assessment u/s 147 without performing any necessary enquiries or inspection which is against the provisions of the IT Act and which is against the principles of Natural justice. 8. The Ld.CIT(A) erred in not considering the fact that the AO has passed the order without actually con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sary evidences and also explain why assessment should not be completed by considering the turnover of Rs. 58,00,87,847/-. Since the assessee has not filed any return, the Assessing Officer has completed best judgment u/s 144 r.w.s. 147 of the I.T. Act, 1961 on 30.03.2022 and determined the total income at Rs. 4,64,07,030/- by estimating 8% profit on total contract receipts of Rs. 58,00,87,847/-. 4. Being aggrieved by the assessment order, the assessee preferred an appeal before the learned CIT (A). Before the learned CIT (A), the assessee contested estimation of 8% profit on total contract receipts of Rs. 58,00,87,847/- and filed certain evidences, including Form 26AS and claimed that as per the updated Form 26AS, the gross receipts for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 148 claims that it has received gross receipt of Rs. 58,00,87,847/-, but the said amount includes payment made to other entities and the assessee without noticing the revised Form 26AS has considered total payment received from main contractor including payment received by the other group entities and stated that it has received total contract receipt of Rs. 58,00,87,847/-. But, fact remains that as per Form 26AS, the appellant has received only Rs. 22,31,24,260/-. Although the appellant has filed all the details, the Assessing Officer has considered total gross receipts of Rs. 58,00,87,847/-. The learned CIT (A) having accepted the contention of the assessee that the net profit of 5% should be adopted on gross contract receipts, but erre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nover of the appellant firm for the impugned A.Y under consideration is only Rs. 22,31,24,260/- which is evident from the updated form 26AS filed for the relevant A.Y. We have gone through Form 26AS filed by the appellant for the A.Y 2016-17 and as per said form 26AS, the gross contract receipt of the appellant for the year under consideration is only at Rs. 22,31,24,260/- and TDS deposit of Rs. 44,62,485/-. Once the gross receipts as per Form 26AS is only at Rs. 22,31,24,260/-, then it is incorrect on the part of the Assessing Officer to adopt gross receipt of Rs. 58,00,87,847/- without any evidence to suggest that the assessee has received gross contract of the said amount. Although the appellant in their letter dated 23.11.2021 claimed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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