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TMI Blog1982 (3) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... ntracts and after excluding the cost of materials supplied by the contractee, the net receipt was shown at Rs. 11,50,365. The ITO noted that the books of accounts maintained were not acceptable as there were various defects due to the fact that the work-in- progress has been estimated and the accounts have not been maintained in respect of the materials purchased, consumed etc. He noted also that the cash book was not maintained in a regular way and the expenses were not fully verifiable particularly in respect of the expenses of Rs. 5,42,300. He also mentioned the details of work expenses under different heads like labour, cement, etc. and found that there were no details of the closing stock. He, therefore, rejected the book results and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be deleted or substantially reduced keeping in mind the past history of the case. It is also urged that it is the gross profit rate which has to be taken into consideration and not the NP rate. 4. On the other hand, it is urged by the ld. DR that the order of the CIT requires to be sustained in view of the facts of the case. It is submitted that the ITO has brought out many defects of the accounting in the assessment order and the CIT has properly appreciated the facts and has upheld the application of 12.5 per cent NP rate taken in any way to be considered unreasonable or unjustified. It is urged that the order of the CIT may be sustained. 5. We have perused the orders of authorities below for our consideration alongwith the other papers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l grounds of appeal. Such a lapse on the part of the appellant was neither wilful nor out of gross neglect. 3. It is, therefore, prayed that the additional grounds of appeal be kindly taken up now in accordance with law." It is submitted by the assessee's ld. Counsel that the point mentioned above is a legal point and can be taken at this stage even for the first time. In this connection, he sought reliance on the Commentary of Chaturvedi and Pithisaria. It is submitted that the assessee is entitled to raise a new ground being a question of law and Appellate Tribunal is under a statutory obligation to entertain it was taken as there was no estoppal on a question of law. It is stressed by the assessee's counsel that merely because the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuation has expressed the opinion that the assessee was an industrial undertaking and was entitled to relief under the law. A copy of the decision of Delhi Bench is placed before us. That apart, the assessee's ld. Counsel relies on the decision of the Bombay High Court in the case of Pressure Piling Co. Ltd. As reported in (1980) 126 ITR 333 (Bom.) in which a similar claim of the assessee was allowed. It is submitted, therefore, that the admissible relief claimed under s. 80J should be allowed. 9. The revenue, on the other hand, resists the submissions while contending that the ratio of the decisions relied on by the assessee is not applicable as in those cases the claim was made before the lower authorities, while in the present case the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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