TMI Blog2015 (8) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... on the nature of the business. The books of accounts maintained by the Assessee were duly audited and, therefore, the onus is shifted to the Revenue to show that the accounts were incomplete or incorrect. The ITAT has in the impugned order referred to several decisions to emphasise that the estimate of the net profit rate by the AO had to be on the basis of some evidence. The ITAT and the CIT (A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has concurred with the above decision. In the circumstances, this Court is not inclined to frame a question of law on this issue as well. - Decided against revenue. - ITA No. 501/2015 - - - Dated:- 12-8-2015 - S. Muralidhar And Vibhu Bakhru, JJ. For the Appellant : Mr Amol Sinha, Sr Standing Counsel with Mr Vibhooti Malhotra, Jr Standing Counsel and Ms Isha Aggarwal, Adv. For the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unts were incomplete or incorrect. The ITAT has in the impugned order referred to several decisions to emphasise that the estimate of the net profit rate by the AO had to be on the basis of some evidence. The ITAT and the CIT (A) have concurrently held that the AO failed to consider the fact that there was a substantial increase in the contract receipts the net profit shown by the Assessee in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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