TMI Blog2021 (8) TMI 1292X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be said that there is perversity of approach. Thus, taking into consideration the entire aspect of the matter, we do not find any justification in making the addition of the entire turnover to the income of the assessee. Having regard to the peculiar facts and circumstances of the case, we find it justified to restrict the addition at 5% of the net profit on the gross receipt of ₹ 11,93,79,537/-. The Ld. Assessing Officer is directed to grant relief to the assessee as on the above terms. - ITA.No.986/Del./2017 - - - Dated:- 11-8-2021 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND MS. MADHUMITA ROY, JUDICIAL MEMBER For the Assessee : Sh. Rajesh Mahna, Adv. For the Revenue : Sh. Prakash Dubey, Sr.DR ORDER PER MADHUMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so perused the relevant materials available on record. 4.1 The facts culled out from the order passed by the Ld. Assessing Officer is this that the Assessing Officer ultimately added ₹ 49,71,570/- to the gross receipts filed by the assessee as per profit and loss account on account of mismatch of ITS details as per 26AS which showed gross receipts at ₹ 12,43,51,107/- including FDR interest of ₹ 1,34,653/-. This particular interest was separately shown in ITR under the head income from other sources . Apart from that the difference in assessees profit and loss accounts and ITS details of ₹ 48,36,917/- is due to the fact that at the time of filing of ITR TDS of ₹ 48,36,917/- which is one percent of gross rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the Revenue supported the order passed by the authorities below. 5. It is a settled proposition of law that in case of difference between the assessees books of account and as per the TDS certificate, then on the said difference, the only embedded portion of the profits is to be taken into consideration and addition is to be made thereon. There are number of judicial pronouncements by which the principle to this effect has been laid down that the total sale cannot represent as the profit of the assessee. The net profit rate has to be adopted and once the net profit is adopted it cannot be said that there is perversity of approach. Thus, taking into consideration the entire aspect of the matter, we do not find any justification in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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