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2021 (12) TMI 1177 - AT - Income TaxNet profit estimation - assessee is agitating for the higher net profit rate applied by the ld. CIT(A) ignoring past net profit track of the assessee - HELD THAT:- Respectfully following the decision of this Tribunal in the case of M/s B.B.C. Project Services Pvt. Ltd [2018 (11) TMI 1884 - ITAT KOLKATA] consistent business of contract work carried out by the assessee and the net profit rate offered in the financial statements and being fair to both the parties are of the view that application of net profit rate of 0.6% on the turnover of contract business during the year i.e. ₹ 87.46 Cr. will meet the end to justice. We accordingly order so and direct the revenue to compute the net profit for the year @ 0.6%. We further make it clear that this net profit rate of 0.6% will take care of all the business expenses including interest and depreciation incurred for the purpose of running contract business and related to the turnover of ₹ 87.46 cr. Accordingly assessee will get part relief on this common issue and revenue fails to succeed. Ground No.1 of the assessee’s appeal for A.Y. 2012-13 is partly allowed. Addition for sale of immovable property - HELD THAT:- We find merit in the contentions of the assessee that the alleged amount of sale consideration of ₹ 2,81,70,890/- is just one of the many transactions of sale of property executed by the assessee on behalf of the purchaser and the income earned by the assessee from such transactions of purchase/sale carried out in past as well as in the year under appeal have been routed through its books of account and the commission income earned from such transactions have been duly disclosed in the financial statements and offered to tax. We, therefore, set aside the finding of ld. CIT(A) and delete the addition made by the Ld. AO. Thus, ground no.2 raised by the assessee is allowed. Unexplained cash deposit - HELD THAT:- As assessee has made general submissions that this cash deposited in the bank are out of the business receipts but no such evidence in the form of extract of the cash book of the relevant date has been filed so as to make possible for us examine this fact that whether the assessee had sufficient cash in hands in the books as on the date of deposit of the alleged amount with the HDFC Bank. In lack of necessary evidences, we find no merit in this ground raised by the assessee
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