TMI Blog2017 (11) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... ails were not filed. Accordingly, the profit rate of 12% to the gross receipts of the assessee was held to be quite reasonable on the basis of the material available before the Assessing Officer. Thus, the CIT finding no error in the order passed by the Assessing Officer, rightly concurred with the view taken by the Assessing Officer and rejected the petition filed by the petitioner under Section 264 of the Act. Even before this Court assessee had filed the certificate of gross profit rate and net profit rate for the Assessment years 2010-11 to 2014-2015 and there had been lot of variation in the profit rate of the assessee during these years and therefore, in the absence of production of books of account by the assessee, no benefit can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10-11 on 25.05.2010, declaring income at ₹ 1,74,500/-. The return was processed under Section 143(1) of the Act on 15.03.2011. On 31.03.2012, the petitioner revised return declaring income at ₹ 4,84,627/-. The return of the petitioner was selected for scrutiny on 10.09.2012 and notice under Section 143(2) of the Act was issued. The petitioner appeared through his counsel. He was directed to supply books of account alongwith relevant vouchers. The petitioner submitted audited balance sheet and ledger accounts. The Assessing Officer directed the petitioner to produce complete bills/vouchers of expenses and also to furnish addresses to whom payment of these expenses had been made. The Assessing Officer vide assessment order dated 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n who later on died on 14.01.2015. Further, the petitioner was pre-occupied in the treatment of his cousin brother-in-law residing with him at Rohtak and getting treatment of cancer at PGIMS, Rohtak, who also died on 20.04.2016. Thus, the counsel of the petitioner could not act diligently leading to the adverse assessment order and the revisional order. Hence, the instant petition by the petitioner before this Court. 3. We have heard learned counsel for the petitioner. 4. Admittedly, the assessee filed original income tax return on 25.05.2010 declaring income of ₹ 1,74,500/- which was processed under Section 143(1) of the Act. He filed revised return on 31.03.2012 declaring income of ₹ 4,84,627/- under the head business an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adopted by the Assessing Officer was higher and unreasonable. The assessee had filed the certificate of gross profit rate and net profit rate for the Assessment years 2010-11 to 2014-2015 (Annexure P.12) which reads thus:- CA Arvind Krishan Associates Chartered Accountants Certificate It is hereby certified that financial of M/s Sanjay Kundu Contractor r/o V.P.O. Bhali Anandpur, Distt Rohtak are as under:- Financial year Turnover (Rs.) G.P. (Rs.) G.P. % N.P.(Rs.) N.P.% 2009-10 5,17,32,437.00 12,49,371.87 02.42 4,84 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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