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2021 (4) TMI 953 - AT - Income TaxRejection of books of accounts - Estimation of profit - AO Estimated the profit percentage at 8% of gross receipts on the main contracts and 6% on sub-contracts - CIT (A) who confirmed the assessment of profit on main contract at 8% and income from sub-contracts at 5% - HELD THAT:- No reason to interfere with the orders of the CIT (A) as the CIT(A) has followed the precedents on the issue i.e. the decisions of the Tribunal which he has quoted in his order. Therefore, Grounds 1 and 2 are rejected. Enhancement of the income by the CIT (A) - CIT (A) has directed the Assessing Officer to verify whether the said amount disclosed by the assessee in the subsequent A.Y 2011-12 relate to the contract amount received in the A.Y 2010-11 and thereafter, in the event of assessee’s failure to establish a direct nexus only, to enhance the amount to the extent of ₹ 6,38,691/. Therefore, no reason to interfere with this direction of the CIT (A). Assessee’s appeal is dismissed.
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