Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (2) TMI 234 - HIGH COURT OF PUNJAB AND HARYANANet profit rate - Contractual receipts - Revenue submitted that the assessee had disclosed net profit of Rs.2,17,417/- in relation to contractual receipts of Rs.1,16,65,879/- and the gross profit thus works out to be 1.86% - Further submitted that after taking into consideration the depreciation, interest and salary paid to the partners which has been debited to the profit and loss account, the net profit rate would work out to 3.4% only - The Tribunal, however, has observed that the net profit rate disclosed by the assessee is 7% which is not correct - It was also urged that if the material at site valuing Rs.16,09,189/- shown in profit and loss account is taken into consideration, the net profit rate would be below 3.4%. He, on the strength of above submissions, stressed that the Tribunal while accepting the plea of the assessee had not referred or discussed any material in this regard - He submitted that the order of the Tribunal is patently unsustainable - Appeal is allowed by way of remand
|