Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Commissioner of Income Tax-21 Versus Sh. Rajender Singh

2015 (6) TMI 462 - DELHI HIGH COURT

Rejection of books of accounts - AO apply the net profit rate of 5% of gross receipts - as per CIT(A) net profit is estimated @ 2% i.e, 45,02,424/- as confirmed by ITAT - Held that:- The ITAT went through the records, including the finding of the CIT .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e CIT(Appeals). This Court holds that no substantial question of law exists.- Decided against revenue. - ITA No. 317/2015 - Dated:- 22-5-2015 - Ravindra Bhat And R K Gauba,JJ. For the Appellant : Ms Suruchi Aggarwal, Sr. Standing Counsel with Ms Laks .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the assessee's case, rejected the books of account and assessed the income at ₹ 1,17,92,350/-. 2. The assessee was engaged in the construction business and claimed various expenses as well as credits. In the course of assessment, the AO iss .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ering the submissions of the parties held as follows : "It is noted that the appellant filed the copies of account books of the appellant on the demand of the Assessing Officer and filed the confirmations of the building material suppliers who f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ages had acknowledged their receipts of wages. I have also observed the comparable case of Shri Mukesh Kumar Sharma who had disclosed net profit rate of 1.1% on contract receipts of ₹ 4,50,86,832 for the assessment year 2008-09, where the Asses .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ed with the net contract receipts in each of the preceding two years. Similarly, the net business profit shown is much better as compared with the net business profits for each of the preceding two years. The few and short objections listed by the As .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s and circumstances of the case and judicial pronouncements relied upon by the appellant, the Assessing Officer was not justified in rejecting the books of accounts by applying section 145(3) of the IT Act and estimating Net Profit @ 5% of the Gross .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version