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M/s MVR GL Joint Venture Versus Income Tax Officer, Ward 15 (2) (2) , Mumbai

2015 (10) TMI 1422 - ITAT MUMBAI

Estimation of the income @ 4% of turnover - CIT(A) confirmed estimate of the income without rejecting the books of account - Held that:- It is undisputed fact that the order of the learned CIT(A) is deficient on the issues relating to the rejection of the books of account. Insofar as the adopting the flat rate of 4% of the total receipts as income of the assessee is concerned, there is no justification and the orders of the learned CIT(A) / Assessing Officer have not provided any basis to suppor .....

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Singh , JM And D Karunakara Rao, AM,JJ. For the Appellant : Shri N R Agarwal For the Respondent : Shri Love Kumar ORDER Per D Karunakara Rao, AM. The present appeal preferred by the assessee is directed against the impugned order dated 6th July 2012, passed by the Commissioner (Appeals)-26, Mumbai, for the assessment year 2009-10. Following grounds have been raised by the assessee:- "1. The learned CIT(A) has erred in confirming the estimate of the income @ 4% of turnover and which is very .....

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77; 61,009 on account of bank interest received." 2. The relevant facts of the case are that the assessee is a joint venture between G.L. Construction Pvt. Ltd. And MVR. The joint venture was awarded a contract by MMRD involving the widening of roads. As per the contract, the entire work has to be sub-contracted to G.L. Construction Pvt. Ltd. on "back-to-back" basis. The assessee filed its return of income declaring total income at "nil". The Assessing Officer, during th .....

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e said order, the assessee is in appeal before us with the grounds mentioned above. 3. At the outset, the learned Counsel for the assessee brought out attention to the orders of the Revenue and submitted that the Assessing Officer has not given adequate and sustainable reasons for rejection of books of account before resorting to the estimation of the income applying the flat rate of 4% of the total receipts of the assessee as income. There are no reasons or justification whatsoever for adopting .....

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