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2015 (6) TMI 462 - DELHI HIGH COURT

2015 (6) TMI 462 - DELHI HIGH COURT - TMI - 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(Appeals) that no rationale was shown for estimating the net profit @ 5% and that the evidence of supplies were otherwise forthcoming. In these circumstances, the ITAT refused to interfere after knowing tha .....

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order of the CIT(A). The AO had contrary to 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 issued notices under Section 133(6). The said parties did not respond. The amounts claimed against them were added and the AO proceeded to reject the books of accounts and apply the net profit rate of 5% of gr .....

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muster rolls wherein the recipients of the wages 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 Assessing Officer applied net profit rate of 8% on contract receipts for the assessment year 2008-09. However, in appeal the net profit rate of 1.3% was upheld. It is noted that there was a substantial increase .....

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