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2017 (2) TMI 506 - AT - Income TaxRejection of books of accounts - estimation of profit at a certain percentage of the gross receipts - Held that:- The defect as pointed out by the Assessing Officer regarding the failure of the assessee to furnish the complete details of sundry creditors not being material or sufficient enough to justify the rejection of books of account maintained by the assessee as held by the Hon’ble Guwahati High Court in the case of Madnani Construction Corporation P. Limited (2006 (12) TMI 79 - GAUHATI HIGH COURT), we are of the view that the ld. CIT( Appeals) is fully justified in deleting the addition made by the Assessing Officer by estimating the income of the assessee from the business of execution of works contract by applying higher G.P. rate of 5.15%. Accordingly, we uphold the impugned order of the ld. CIT( Appeals) giving relief to the assessee on this issue and dismiss this appeal filed by the Revenue. - Decided in favour of assessee
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