TMI Blog2018 (6) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... 's construction business the Tribunal noted that not the entire receipt but the profit element suggested at the rate of 8% Gross Profit ratio should be taxed. Rent receipts Tribunal confirmed the additions in entirety in absence of any contrary evidence. Assessee's rotation of money for advances on interest Tribunal was of the opinion that only the peak credit and not the entire aggregate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Hon'ble Tribunal was right in law and on facts to apply gross profit rate of 8% on construction activities and the principle of peak balance on undisclosed receipts and payments in the case of an assessee who is engaged in trading of land, development and construction activities? 2. Having heard the learned advocate for the appellant and perused the documents on record, we notice tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggregate of the receipts could be taxed. This the Tribunal held by referring to the judgment of Division Bench of this Court in case of CIT v. Tirupati Construction Co. reported in (2015) 55 taxmann.com 308 (Guj). 3. We see no error in the view of the Tribunal so as to give rise to substantial questions of law. Essentially, all the issues are based on appreciation of materials on record. Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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