TMI Blog2016 (1) TMI 1389X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned counsel for the assessee. Therefore, on the receipts for the supplied material, direct to adopt rate of 5%. Ground no. 2 is thus partly allowed. Addition on account of cash credit u/s 68 - as per assessee this amount was reflected even in the balance sheet for the financial year ending on 31st March, 2008 - Held that:- We side the issue to the file of Assessing Officer to verify the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was claimed in the return of income but not allowed by the Assessing Officer. The Bench drew attention of the learned counsel for the assessee towards the provisions of section 253 of the Act and after going through the provisions, the learned counsel for the assessee did not press for admission of additional ground. Therefore, the same is dismissed. 3. The grounds of appeal taken by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re general in nature and were not pressed before us. The same are dismissed. Ghanshym Sharma 5. In ground no. 2 the issue involved is estimating the net profit @ 8% on the total contract receipts of ₹ 75,79,683/-. The learned counsel for the assessee submitted that these contract receipts of ₹ 75,79,683/- were not from the contract receipts. ₹ 29,52,668/- have been received fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the assessee was drawn to the fact that nothing such evidence was submitted before the authorities below in support of this claim that this was unsecured loan received in the year. He submitted balance sheet of three years for the year ending 31st March, 2009, 31st March, 2009 and 31st March, 2010. As per the learned counsel for the assessee this amount was reflected even in the balance she ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de. As per the revenue, the assessee has purchased cement of ₹ 2,61,326/- from Manish Trading Company which was not disclosed. 11. After hearing both the sides, I am of the view that once the income has been estimated by taking net profit rate of 8% on contract receipts and 5% on the material supply Ghanshym Sharma then there was no justification in making further addition. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
