TMI Blog2002 (5) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... issioner of Income-tax (Appeals), Faridabad, dated 27-11-1996 for the assessment year 1992-93. 2. Below reproduced are the grounds of appeal : "1.That having regard to the facts and circumstances of the case, Ld.CIT(A) has erred in law and on facts in confirming the action of Ld.A.O. in estimating the total income at 10 per cent of contract receipts and has further erred in not applying net ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was ready to take gross profit rate at 10 per cent on net payments of Rs. 39,30,243. Hence in these facts and circumstances the Assessing Officer has applied rate of profit at 10 percent on the gross payment as above after deducting the cost of material supplied by HUDA. It has also been observed by the Assessing Officer that since the assessee has failed to furnish the accurate partic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a net profit rate of 4.98 percent as against 9.52 per cent of the immediately preceding year. Since the net profit rate had gone down by almost 50 per cent, the Assessing Officer required the assessee to give reasons for the fall in the G.P. and the assessee in their reply stated that he had in the tender quoted competitive rate and it is for this reason that the net profit rate was low. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.25 per cent of the net profit rate for the immediately preceding year. The learned DR has relied on the judicial pronouncement of the Apex Court in the case of K.Y. Pilliah ( Supra ). Hence we do not find any justification to interfere with the order of the CIT(A) and the same deserves to be confirmed and the same is confirmed on this point. 7. Ground No. 2 relates to the alleged error of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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