TMI Blog2012 (9) TMI 1104X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. It was also observed that the assessee was not maintaining any muster-rolls and Attendance Register produced by the assessee but same was without names and addresses of the labourers. The Assessing Officer also observed that on examination whatever information was furnished, it was seen that the assessee had made purchases on account of bitumen amounting to ₹ 110, 17,258/-, bricks ₹ 96,78,547/-, cement amounting to ₹ 33,13,488/- but the assessee has produced vouchers only for ₹ 6,92,115/-. In this background the Assessing Officer rejected the books of account and following the decision of Hon'ble Punjab Haryana High Court in case of Prabhat Kumar, Sirsa in ITA No. 293 of 2008 applied NP Rate of 12% on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue regarding furnishing of bills against bitumen, bricks and sand etc. He observed that as per the decision of Hon'ble Supreme Court in case of CIT V. British Paints, 188 ITR 44, it was very important to ascertain correct valuation of the closing stock and only then real profit can be determined. In respect of labour attendance register it was observed that in the absence of address of such labourers their authenticity could not be ascertained. He also found that relevant decision of the Tribunal in assessee s own case for Assessment Year 2005-06 was of no help because in that order the assessee had produced entire books of accounts along with relevant bills. In this regard the ld. CIT(A) reproduced the observations of the Tribunal as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... less and until any contrary material is brought on record. 6. Thereafter discussing the various case laws he confirmed the estimation of income at 12%. 7. Before us, the ld. counsel of the assessee submitted that the assessee has maintained practically all the bills and vouchers for various purchases. He submitted that almost 83% bills were available in case of bitumen and in case of other materials also the bills were available between 85 to 90%. In this regard, he furnished paper book which is certified copy obtained from the Department regarding submissions of various bills. He also submitted that in earlier years there were lower profits which were accepted as under: S No A.Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). 9. After hearing both the parties we find that no purpose would be served if the matter is remanded back because it has been clearly admitted by the ld. counsel of the assessee that in case of purchase of various materials the vouchers are available only in the range of 83-90%. The rest of the vouchers are self made vouchers which cannot be verified. Further in respect of labour attendance cards also, address of labourer is not there, so authenticity for the same cannot be verified. As far as estimation of profit on earlier years is concerned, from the above chart it is clear that net profit was applied at 6.5% and it has not been clarified whether same was reduced by any authority. In other years the lower profit was accepted u/s 143 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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