TMI Blog2009 (1) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur (in short Tribunal hereinafter) in ITA No. 906/Jd/2007 in respect of the asst. yr. 2004-05, whereby the appeal preferred by the Revenue against the order dt. 23rd Oct., 2007 passed by the Commissioner of Income-tax (Appeals), Bikaner [in short CIT(A) hereinafter], inter alia, deleting the addition of ₹ 38,28,086 made by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ov., 2006, the assessee preferred an appeal before the CIT(A). After due consideration of the material on record, CIT(A) directed the AO to apply net profit rate of 9 per cent of gross contract receipts subject to allowance of bank interest, depreciation, interest and remuneration to the partners. The CIT(A) arrived at the finding that the estimated net profit having been arrived at after rejectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned counsel for the appellant that the Tribunal has seriously erred in holding that when the books of account are rejected and profit is estimated, no additions on account of unexplained cash credits can be made under s. 68 of the Act of 1961. The learned counsel submitted that the provisions of s. 145 and s. 68 are mutually exclusive and if the assessee fails to discharge the burden of ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate on total contract receipts after rejection of the books of account invoking the provisions of s. 145(3), no separate additions can be made on account of unexplained cash credit under s. 68 of the Act of 1961. We are in complete agreement with the view taken by the CIT(A), confirmed by the Tribunal. Thus, no substantial question of law arises for consideration of this Court in this appeal. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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