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2010 (4) TMI 274 - PUNJAB & HARYANA HIGH COURTEstimated profit - Books of account were destroyed in flood – assessment u/s 143(3) - The assessee-appellant was subjected to survey under Section 133A of the Act and his case was eventually selected for scrutiny. - in the absence of books of account, net profit at the rate of 8% was applied on the contract receipt because the Assessing Officer was not satisfied about the correctness and completeness of the account. - Before the CIT(A), the assessee-appellant was asked for furnishing details of receipts and expenditure based on his bank statements. But the assessee-appellant expressed its inability. The Tribunal has noticed that the assessee through his counsel had admitted and accepted that the net profit on contract payment may be computed by applying the rate of 8% and FDR interest was ordered to be added separately. – Held that: - The assessee-appellant has conceded through his counsel for addition of profit at the rate of 8% on the income of Rs. 21,12,719/-. There is no permission given by any of the Appellate Court for adducing of additional evidence – appeal dismissed
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