TMI Blog2021 (8) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusion based on certain contract agreements, bank account etc., which are cited in his order and after perusing those documents we don t find any strength in the observation made by the Ld. CIT (A). On verifying the paper book of the assessee running to 32 pages, we do not find any concrete evidence to establish that the assessee is actually executing any civil contract works with respect to the contracts he has claimed to have undertaken - assessee could also not furnish proper evidence to establish that the parties from whom the assessee had received the amount of ₹ 18 lakhs is genuine. Therefore, we do not find any infirmity in the order of the Ld. AO. For the above stated reasons, we set aside the order of the ld. CIT (A) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d cash credit along with another addition for ₹ 24,304/-. 4. During the course of scrutiny assessment proceedings, it was observed by the Ld. AO that the assessee had disclosed contract receipts amounting to ₹ 2,75,00,000/- from various parties. The assessee furnished certain details of entities for whom he had executed the civil contract however, when the confirmations were called for from those parties by the Ld. AO, there was no response. The assessee has also failed to maintain his books of accounts and other particulars of his income. The Ld AO also noticed lack of evidence for the assessee for having executed such contracts as he had claimed in his return of income. Therefore, Ld. AO came to a conclusion that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he books of M/s Vasudha Properties for the period 01.04.2012 to 31.03.2013. (vii) Copy of work done certificate 4.2.1. As against the above, the Assessing Officer has found/observed as below: (i) The assessee's address is not correct and complete (ii) Notices sent were not served and were returned. (iii) The assessee has not maintained any books of account. (iv) The assessee has not produced any vouchers in support of expenditure as well as to establish that contract work was carried on by them. (v) No agreement or details filed in respect of transaction with M/s. Capital Land Realty. (vi) The return of income was not filled in correctly. It was shown that the assessee is not liable to maintain bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stimate income. The turnover of the assessee is to be taken at ₹ 2,93,00,000/- which is inclusive of other credits treated as income by the Assessing Officer. The assessee being contractor, the estimate is made @ 8% on the turnover as arrived at above. This would be taken as income assessed. Except interest all other entities are taken care of in the above estimate. All the grounds raised are disposed off with above direction. 6. Before us, the ld. AR submitted that the sub-contract undertaken by the assessee were genuine by referring to certain agreements and therefore requested for confirming the addition sustained by the Ld. CIT (A). The Ld. DR on the other hand vehemently argued in support of the order of the Ld. AO and praye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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