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2022 (2) TMI 321 - AT - Income TaxAddition in respect of income from contract receipts by assessing less than 8% of the total contract receipts - HELD THAT:- Admitted facts are that the assessee is a civil contractor having gross contract receipt of ₹ 39,47,319/- and admitted net profit at ₹ 2,08,500/- as against assessed by the AO at ₹ 4,70,258/-. It is an admitted fact that the assessee has filed Form No.3CB & 3 CD for the assessment year 2000-01 as required u/s.44AB of the Act with the Department on 24.10.2000. The due date for filing of this audit report is 31.10.2000 and return of income is also 31.10.2000. The assessee has filed this evidence i.e., the audit report was filed with the Department and audit was carried out u/s.44AB of the Act on 15.10.2000. All these shows that these events are prior to due date of filing of audit report as well as return of income. Even now, before us the ld.senior DR could not controvert the above evidences filed or the authenticity of the same are not doubted. In view of the admitted facts, we are of the view that the CIT(A) has rightly accepted the contention of the assessee and estimated the profit at a lower rate than 8% of the gross contract receipts. Therefore, we uphold the order of CIT(A). - Decided in favour of assessee.
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