1987 (1) TMI 160

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..... e respondent assessee is a registered firm and assessments for both the years have been framed under s. 143(3) of the IT Act, 1961. 2. For the asst. yr. 1972-73 a net taxable income of Rs. 11,750 was returned by the assessee. The assessee is said to be engaged in the execution of several contracts with the Agra Development Authority,Agra. Total receipts accounted for Rs. 2,62,139 and it includes .....

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..... er cent. 4. The revenue is aggrieved, hence these appeals and we have heard the parties at length. 5. The assessment orders do not reveal the method of accounting employed and parties have also not been able to enlighten us on this aspect of the case, hence we have to go by the facts as are there available in the orders of the ld. Lower authorities, Since the security deposit has been deducted f .....

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..... ll prefer the estimate of the ld. First appellate authority and uphold the same. On the second limb of the ld. AAC's direction, the Revenue fails. 6. The net result is that for both the assessment years under appeal, net profit of 7.5 Per cent shall be applied taking the gross total receipts without any deduction the basis. 7. Both the appeals succeed partly, as indicated above.
Case laws, D .....

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