TMI Blog2002 (11) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... y this appeal, the assessee has agitated against the CIT(A) s order dated 14-12-1995 for the assessment year 1991-92. 2. The first grievance of the assessee is pertaining to the invoking of the provisions of section 145. 3. During the course of argument, the ld. A/R has not pressed this ground. So the same is dismissed as not pressed. 4. The second grievance of the assessee is pertaini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total receipt, which resulted the addition of Rs. 1,62,464. The same was confirmed by the CIT(A). 6. In the instant case, we are satisfied that the Assessing Officer has rightly invoked the provisions of section 145(2). When the books of account are rejected, then the only recourse before the Assessing Officer is to estimate the net profit rate. So, we agree with the observation made by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee is pertaining to the net profit rate on another unit dealing in hire charges. The assessee is not maintaining any details about hire charges. No closing stock of raw material or inventory of the closing stock was drawn up during the assessment year under consideration. The assessee has shown the net profits of Rs. 5,510 @ 1.8% on the hire receipts of Rs. 3,05,000. The Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relief to the assessee of Rs. 2,000 from the order of the CIT(A). Thus, the addition under the head of "hire charges" will remain at Rs. 8,000 (Rupees eight thousand only). Thus, the assessee will get the partial relief under this head too. 9. The fourth grievance of the assessee is pertaining to the charging of interest under sections 234B and 234C of the Income-tax Act. 10. During t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cific provisions of law for charging of interest. Having regard to the decision of Apex Court in the case of Ranchi Club Ltd. s case ( supra ) as well as Autolite (I) (P.) Ltd. s case ( supra ), interest in such circumstances cannot be charged. The Assessing Officer is, therefore, directed to delete the levy of interest. 12. In the result, the appeal filed by the assessee is partly allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
