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2022 (12) TMI 212 - ITAT CHENNAINet profit estimation - adopting 3% of receipts from civil contract as net profit by stating that his volume of work was more and due to heavy competitions - HELD THAT:- In the assessment year 2014-15, the assessee has estimated the net profit at 3% and the AO determined the net profit at 3.50% u/s 143(3) of the Act. In the assessment year under consideration, the assessee has declared the net profit at 3% and the AO has estimated the net profit at 8%. On appeal, CIT(A) scale it down to 4% without depreciation. We find that by referring to various case law and after considering earlier assessment years’ estimation of the AO, CIT(A) has reduced the net profit to 4%. Thus, we find no infirmity in the order passed by the ld. CIT(A). Thus, the ground raised by the Revenue is dismissed.
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