9911796707
TMI Blog2017 (9) TMI 1523X X X X Extracts X X X X X X X X Extracts X X X X ..... for confirming the rectification order passed u/s 154 of I.T.Act by the assessing officer. In this case, the assessing officer completed the assessment u/s 143(3) by an order dated 29.11.2002 estimating the income @8% of the gross bills and allowed the deduction for remuneration and interest paid to the partners. Accordingly the profit was estimated by the assessing officer clear of depreciation at Rs. 93,54,014/- and allowed the remuneration and interest paid to the partners. The assessee went on appeal before the Ld.CIT(A) and the Ld.CIT(A) directed the assessing officer to estimate the income @12.5% and allow the depreciation, remuneration and interest paid to the partners. The matter travelled to the Tribunal and the ITAT, Visakhapatna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the Hon'ble ITAT, Visakhapatnam in ITA No.488/V/2004. Aggrieved by the order of the assessing officer, the assessee went on appeal before Ld.CIT(A). In appeal the Ld.CIT(A) allowed partial relief. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us. 3. Appearing for the assessee, the Ld.AR argued that the assessing officer completed the assessment estimating the income @ 8% on gross receipts, inclusive of income from other sources i.e. interest on bank deposits of Rs. 7,21,180/-, interest on IT Refund of Rs. 1,41,492/-, Internal Transfer i.e. H.O to Parvathipuram Road Work of Rs. 8,18,057/- and other interest of Rs. 2,15,056/-. The assessing officer has not assessed the above receipts as a separate source of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders of the Ld.CIT(A). 5. We have heard both the parties and perused the material placed on record. The assessing officer completed the assessment by estimating the income @8% on gross receipts before interest and remuneration to partners. The assessing officer has not assessed the income from other sources separately. It was included in the estimation of income made by the assessing officer. The matter travelled to the ITAT and the Tribunal directed the assessing officer to estimate the income @11% before depreciation, interest and remuneration paid to the partners. Hon'ble ITAT has not directed the assessing officer to assess the income from other sources separately. For ready reference, we reproduce the relevant para of the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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