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2022 (8) TMI 516 - AT - Income TaxEstimation of profit - estimation of income @18.8% - determination of estimation of average profit earned - HELD THAT:- Assessee is a concern of Shakti Group and above said group is carrying on three projects namely Shakti Villa, Shree Rudra and Shakti Lake City. During search revenue had found incriminating material relating to the above projects and Assessing Officer has estimated the profit in the project Shakti Lake City @45.76% and he adopted the same percentage to estimate the profit in the other projects also. AO has estimated the profit in Shree Rudra project also @45.76% and we observe that Ld.CIT(A) considered the submissions and after verifying the records, he determined the average profit earned by the group in the project Shakti Lake City @18.8%. CIT(A) estimated the same percentage of profit in the case of Shree Rudra also, considering the fact that AO also treated all the projects run by the group are similar. Since the Coordinate Bench has adjudicated the issue involved in the case of Shri Parth Vinod Gadhiya and the project of Shakti Lake City and Coordinate Bench sustained the findings of the CIT(A) in the case of above project. Therefore, the project involved in this case are also part of the same and similar projects carried on by the assessee, we deem it fit and proper to sustain the findings of the CIT(A) and we do not find any reason to disturb the findings of the Ld.CIT(A) in this project also.
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