TMI Blog2020 (12) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... aking the cue from Section 44AD is reasonable though the limit exceeds. Therefore, taking into consideration of the submissions of the assessee and the lead from the order orders relied up on by the assessee, we hold that the estimation of income @8% meets the needs of justice. - I.T.A. No. 628/HYD/2018 - - - Dated:- 11-9-2020 - Smt. P. Madhavi Devi, Judicial Member And Shri D.S. Sunder Singh, Accountant Member For the Assessee : Shri T.Chaitanya Kumar, AR For the Revenue : Shri D.J.Prabhakar Anand, DR ORDER PER D.S. SUNDER SINGH, A.M. : This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax(Appeals)-7, Hyderabad, dated 24-01-2018. 2. All ground raised in this appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has shifted the home, therefore mis-placed the books of account, bills and vouchers. Hence, he was unable to produce the ledger extracts, bills and vouchers in support of the expenses claimed. The assessee has declared the turnover of ₹ 13,58,52,841/- and argued that the estimation of income @8.5% done by the AO is unreasonable and unjustified. Ld.AR also argued that the earning of profit of @8.5% is not possible for any civil contractor. Therefore, Ld.AR requested for reasonable estimation of income. 8. On the other hand, Ld.DR supported the orders of the lower authorities. 9. We have considered the rival submissions and gone through the material placed on record along with the orders passed by the lower authorities. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ishikant T. Patne v. Assistant Commissioner of Income-tax, Circle-3 [2013] 60 SOT 146/36 taxmann.com 540 (Pune - Trib), the Hon'ble Tribunal estimated the income of civil contractor at 8% of gross receipts holding that section 44AD of the Act, 1961, which incorporates 8% being presumptive rate as the legislative intent, against income determined at 15% of gross receipts by the Assessing Officer. c) In the case of Commissioner of Income-tax II, Amritsar v. Earth Tech Engineers [2014] 224 TAXMAN 358/46 taxmann.com 287 (Punjab Haryana) the Hon'ble High Court held that the gross receipts to which net profit rate is to be applied shall be determined after giving allowance on account of depreciation. It was further held there arose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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