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Commissioner of Income Tax-12 Versus Lall Construction Co.

2015 (3) TMI 840 - DELHI HIGH COURT

N.P. estimation - ITAT instead of estimation of income at 8% on the basis of Section 44AD, as done by AO directed application of 2.5% as the net profit margin - Held that:- The ITAT apparently took note of the profit rate for other previous years and .....

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tantial question of law, therefore, arises - Decided against revenue. - ITA No. 178/2015 - Dated:- 9-3-2015 - S. Ravindra Bhat And R. K. Gauba,JJ. For the Appellants : Ms Suruchi Aggarwal, Sr. Standing Counsel & Mr Aamir Aziz, Adv. For the Respon .....

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nd in the present case, i.e., 2.5% was erroneous. The brief facts are that the assessee reported its income for AY 2006-07 and claimed the benefit of Section 44AD of the Income Tax Act, 1961. After considering the records, including the materials ava .....

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by Ircon and Indian Railways. The CIT (A), however, accepted the assessee's contentions and granted relief. The Revenue's appeal before the ITAT succeeded in part in that, the rejection of the books of accounts in the first instance resorted .....

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should have maintained the AO's determination of the net income at 8% since that was what in fact the assessee had claimed in the first instance and that the ITAT has not given sufficient reasons for reducing the said net profit margin. This Cou .....

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d adjudged the net profit rate of 2.5%. This is evident from the following reasons in the impugned order: - "7. It is a settled legal position that the Assessing Officer, after rejecting books of account, does not get unfettered powers to estima .....

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for application in the instant year. The facts, for the current year have not been shown to be any different from the preceding year. The assessee has placed a chart of profit rate on page 41 of the paper book, which was also made available to the A .....

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