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2016 (8) TMI 1078 - AT - Income TaxN.P. determination - Held that:- CIT (A) has examined in detail the material placed before him and also considered the average rate of net profit rate shown for the assessment years 2005- 06, 06-07, 07-08, 08-09 and 09-10. The ld. CIT (A) has considered the past history of the assessee as well as considering the material placed before him adopted the rate of 5% which appears to be reasonable looking to the facts and circumstances of the case. - Decided against revenue Addition of receipts/sales made on account of less receipts shown by the assessee from various projects in the books - Held that:- reason to disturb the quantum of turnover which has been declared by the appellant. Moreover, if an amount has to be included in the turnover for this year, the same amount has either to be excluded from the turnover declared in the preceding year or of the turnover declared in the succeeding year. In either case, it is not going to matter much in terms of the ultimate results declared by the appellant. Accordingly, no reason in making an addition to the turnover of the appellant - Decided against revenue Separate liablility for tax on interest income and other income apart from the trading addition sustained - Held that:- We find force in the contention of the ld. Counsel for the assessee that when the interest paid and earned in the course of business in that event deduction on payment of interest is required to be allowed. Accordingly, we delete the addition made by the ld. CIT (A) on this account. In respect of the other income the ld. Counsel for the assessee has demonstrated that it is part of the contract business and therefore, once the net profit is applied for assessing the income, such receipts cannot be separately added to the income. While accepting the contention of the ld. Counsel, we direct the AO to delete the addition. This ground of the assessee is allowed.
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