TMI Blog2014 (6) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... nce the assessee has not furnished any additional evidence, re-appraising the existing fact on the basis of the submissions does not require any remand report. Ld. CIT(A) based his judgment on the basis of available facts on record and also considering the difficulties expressed by the assessee in not earning higher profit. Estimation of profit at 3% of turnover is reasonable. Therefore, grounds o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posting has been sent to the parties. Therefore, appeal is heard exparte qua assessee and decided after hearing the learned D.R. 3. Briefly stated, assessee is an individual deriving income from sub-contract works. He filed return of income for A.Y. 2010-11 admitting total income of ₹ 12,95,181/- on a turnover of ₹ 13,59,82,248/-. A.O. completed the assessment under section 144 est ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciation also has lead to reduced profit, estimated the income at 3% of the gross receipts as against 5% estimated by the A.O. He confirmed the addition at ₹ 40,79,467/- as against ₹ 67,99,112/- made by AO. 5. After hearing the learned D.R. we do not see any reason to interfere with the order of the Ld. CIT(A). In fact, the grievance of the Revenue was not about rejection of estimati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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