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The ACIT Circle- 2 Jaipur Versus M/s. Zuberi Engineering Company

2015 (11) TMI 1577 - ITAT JAIPUR

N.P. determination - deductions of depreciation, interest and remuneration to partners out of the net profit - rejecting the books of account - employee’s contribution to PF and ESI - Held that:- Respectfully following the order of Hon'ble ITAT in the appellant’s own case the application of net profit rate of 8% is upheld, subject to further allowance of depreciation, interest and remuneration paid to the partners.Since after allowing depreciation, interest and remuneration, the net profit would .....

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ded against revenue - ITA No. 631/JP/2014 - Dated:- 18-11-2015 - SHRI R.P. TOLANI, JM & SHRI VIKRAM SINGH YADAV, AM Revenue by : Shri Raj Mehra, JCIT -DR Assessee by : None ORDER PER R.P. TOLANI, JM:- The Revenue has filed an appeal against the order of the ld. CIT(A)-I, Jaipur dated 30-07-2014 for the assessment year 2011-12 wherein following grounds have been raised by the Revenue. 1. (i) Whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in allow .....

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ting the addition of ₹ 87,796/- of employee s contribution to PF and ESI which was deposited beyond the prescribed time limit provided in the respective Acts. (ii) whether on the facts and in the circumstances of the case and in law the ld. CIT(A) has erred in holding that employees contribution to PF and ESI are governed by the provision of Section 43B and not by Section 36(1) (va) r.w.s. 2(24(x) of the Act. 2.1 None appeared on behalf of the assessee in spite of service of notice of this .....

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he AO has estimated the income by applying net profit rate of 8% on gross contractual receipts and has denied the claim of depreciation, payment of interest etc. It is however, noted that in the appellant s own case for the assessment year 2009-10 the Hon'ble ITAT vide its order dated 15-01-2014 in ITA No. 647/JP/2012 has held as under:- therefore, we amend the later part of the findings of the ld. CIT(A) where he adopted net profit rate of 5.12% on total contract receipts allowing depreciat .....

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