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TMI Blog2012 (7) TMI 974X X X X Extracts X X X X X X X X Extracts X X X X ..... K.D. RANJAN, ACCOUNTANT MEMBER This appeal by the Revenue for Assessment Year 2007-08 arises out of the order of Commissioner of Income-tax (Appeals)-XIII, New Delhi. The ground raised by the Revenue is reproduced as under:- "On the facts and circumstances of the case and in law, the CIT(A) has erred in deleting the addition of ₹ 45,68,545/- on account of rejection of books of account and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here was only labour contract material was supplied by the contractee. The AO asked the assessee to furnish evidence to substantiate this claim but no evidence was filed. The AO rejected the books of account u/s 145 of the Act and estimated net profit of 5%. 3. Before the CIT(A) it was submitted by the assessee that all the relevant documents and books of accounts were produced. The AO rejected t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned CIT(A) deleted the addition by observing as under:- "From the details of turnover, material consumed and labour charges for FYs 05-06; 06-07 & 07-08 it is seen that the gross profit of the appellant is ₹ 29,80,648/-; ₹ 65,60,826/- and ₹ 1,47,36,404/- respectively. The GP/NP rate for FY 05-06, 06-07 and 07-08 accordingly work out at 9.02/1.87%; 7.2%/2.99%; 7.4%/3.38% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate by the AO being not in accordance with law, the addition made on this account is directed to be deleted." 4. Before us the learned Sr. DR strongly supported the order of the AO whereas the learned AR of the assessee submitted that no mistakes or discrepancies were pointed out by the Assessing Officer in the books of account. The assessee never agreed for estimation of income @ 5%. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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