TMI Blog2016 (8) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... RT ) and in the facts of the present case, we are of the view that once it is established that there is no defect in the books of accounts, it will not be appropriate for us to judge or presume the estimated profit for trucks / tankers which were operated on a hired basis. The books of accounts as furnished by the assessee are required to be accepted and therefore, the question raised in this Appeal is answered in favour of the assessee and against the Department. - TAX APPEAL NO. 1212 of 2005 - - - Dated:- 4-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELANT : MRS SWATI SOPARKAR, ADVOCATE FOR THE OPPONENT : MR PRANAV G DESAI, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrying on the said business. In respect of the hired fleet, i.e. the transportation work that was done through other parties with other parties trucks / tankers, the assessee had shown a contract receipt of ₹ 2026 Lakhs against which freight payment was shown at ₹ 1876 lakhs giving gross income of ₹ 149 lakhs. The assessee had termed it as commission from hired fleet and this worked to about profit of 7.38% for the year 1997-1998. It is further submitted that the Tribunal had erred in adopting gross profit @ 8% in place of gross profit rate of 7.38% shown by the assessee despite having observed from the records that no specific defects were found by the Assessing Officer in the books of accounts. It is also submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded by learned Counsel for the appellant that the Tribunal has committed a grave error in allowing the Appeal. 5. Learned Counsel for the respondent has contended that the view taken by the Assessing Officer and the Tribunal is required to be accepted inasmuch as the Tribunal and the Assessing Officer have taken into account the real facts and there cannot be two profits shown for the same business. Learned Counsel for the respondent has taken this Court to paragraphs 7 and 7.1. of the order of the Assessing Officer and after considering all the details has estimated the profit of the assessee at paragraph 7.2. which reads as under :- 7.2. Further it is found that the assessee gave work to sister concern M/s. M.R. Shah Transport, Gan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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