TMI Blog2014 (4) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... er for framing assessment afresh - Assessing Officer shall give reasonable opportunity of hearing to the assessee and pass fresh assessment order in accordance with law – Decided in favour of assessee and against Revenue. - ITA No. 1023/Hyd/13, Cross Objection No. 46/Hyd/2013 - - - Dated:- 24-10-2013 - Shri Chandra Poojari And Shri Saktijit Dey,JJ. For the Petitioner : Shri Solgy Jose Kottaram DR For the Respondent : Shri K. A. Sai Prasad ORDER Per Chandra Poojari, Accountant Member: This appeal by the Revenue and Cross Objection by the assessee are directed against the order of the Commissioner of Income- tax-VI Hyderabad dated 21.3.2013 for the assessment year 2009-10. 2. At the outset, it may be noted that the is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal of the assessee, directed the Assessing Officer in the first place, to allow deduction from the gross receipts of Rs.6,46,57,150, an amount of Rs.2,03,53,973 being diesel expenses, which as pointed out by the assessee before the CIT(A), was deducted by the contractor from the gross receipts, towards the diesel supplied by it to the assessee. The CIT(A) also directed the Assessing Officer to estimate the income of the Assessee applying a rate of 7% on the net contract receipts of Rs.4,43,47,748. The CIT(A) however, did not accept the contention of the assessee for allowing deduction in respect of payments to partners on account of interest and remuneration. 5. Aggrieved by the reliefs granted by the CIT(A), Revenue is in appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pts payable by it to the assessee. That being so, in view of the decision of the Apex Court in the case of Brij Bhushanlal Pradyuman Kumar V/s. CIT(115 ITR 524), such recovery made by the contractor from the amount payable to the assessee has to be reduced from the gross receipts, before applying the rate adopted for estimating the income of the assessee. However, evidence in support of such claim of the assessee needs to be examined, at the level of the Assessing Officer. 9. Similarly, as for the rate of 7% approved by the CIT(A) as against the rate of 8% adopted by the Assessing Officer for estimating the income of the assessee from its construction business, we find that the Special Bench decision of the Tribunal in the case of Arihant ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
