TMI Blog2018 (3) TMI 1447X X X X Extracts X X X X X X X X Extracts X X X X ..... and the addition is directed to be reduced accordingly. - I.T.A No. 111/Agra/2017 - - - Dated:- 28-3-2018 - SHRI A. D. JAIN, JUDICIAL MEMBER For The Assessee : Shri K.K. Jain, AR. For The Revenue : Shri Waseem Arshad, Sr.DR ORDER This is assessee s appeal for assessment year 2012-13, taking the following grounds: 1. Because the books of account of the appellant were duly audited u/s 44AB and the audit report was duly submitted before the AO, the application of net profit percentage of 8% by invoking the provisions of section 145(3) is wrong and unwarranted: 2. Because in the absence of any error or omission in the regularly kept books of account, the CIT(A) erred in confirming its rejection simply in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020/- which gives rate of 5.05% on gross receipts of ₹ 4,56,82,502/-. 3. The AO vide para 4 of the assessment order applied NP rate of 8% on the net receipts of ₹ 4,44,59,027/- after reducing VAT of ₹ 12,23,475/- from the gross receipts of ₹ 4,56,82,503/- on the premise that the NP rate shown is 6.7% (exact 5.05%) and after adjustment of VAT, the net rate comes to 5.17%. He observed that the reply furnished is neither satisfactory nor plausible. The AO worked the addition of ₹ 12,57,702/- to the returned income. 4. The CIT(A) confirmed the rejection of books for non-maintenance of stock register coupled with payment of expenses on self made vouchers which are not open to verification. He further noted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks of account are rejected and net profit rate is applied. Comparable cases deserve to be considered in such circumstances. 6. On the other hand, the ld. DR has placed strong reliance on the impugned order. It has been contended that in the earlier years also, rate of 8% has been accepted. 7. Heard. As per the details filed by the assessee before the ld. CIT(A), as contained at page 5 of the impugned order, the history of the assessee as follows: Assessment year Gross receipts Net Profit Rate 2012-13 4,55,02,047 22,99,020 5.05% 2011-12 8,37,12,896 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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