TMI Blog2013 (3) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... -09 is directed against the order of ld. CIT(A) dated 02/08/2012. 2. The assessee-firm derives income from execution of Civil Contract Works. During the F.Y. 2007-08, the Assessee-Firm has declared income of ₹ 9,85,335/- before allowing interest and remuneration to partners; and also depreciation. The assessee has maintained complete books of accounts. Only because the assesseefirm has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in defence, the reasons given by ld. CIT(A) to restrict the trading addition to ₹ 60,133/-, have been reiterated by ld. A.R. 3. After considering the rival submissions, we have found it for a fact that the following chart, undisputedly, depicts the gross and net profits of the two consecutive assessment years, as under :- Assessment Year Total Contract ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction of the books of accounts has not been challenged before us we are in agreement with the view taken by ld. CIT(A) in adopting N.P. rate of 3.45% as per the past history. However, the comparison of G.P. Rate is a more relevant factor for trading results instead of comparison of the N.P. Rate. The gross profit rate in this year is better than the past year. Accordingly, we confirm the impugned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the head income from business only being directly related to the business activities. In case this amount would not have been deposited, the assessee-firm could not get the contract. So, this deposit is not a willful or voluntary deposit. Therefore, the logic of ld. CIT(A) in deleting this addition is correct and therefore, we uphold the same. Accordingly, ground No. (ii) is also dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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