9911796707
TMI Blog2023 (5) TMI 880X X X X Extracts X X X X X X X X Extracts X X X X ..... ared for the revenue. 3. Since facts are identical in both the assessment years except change in figures, they are disposed of by this common order for the sake of convience. 4. It was submitted by ld AR that the assessee is a joint venture namely; Shri P.K.Mohanty and Shri Chita Ranjan Swain. It was the submission that the joint venture had been entered into for the purpose of participation in the tenders issued by South Eastern Railway, Kolkata. It was the submission that during the relevant assessment year 2009-10, the assessee had received a net contract receipt of Rs.3,48,63,746/-. This included an amount of Rs.59,00,906/- towards income tax, sales tax, security deposits, Royalty, etc. For the assessment year 2011-12, the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was liable to be produced in respect of the said contract for examination. It was the submission that the profit from the contract is assessable only in the hands of the assessee , who was the main contractor and not offering the income in the hands of the assessee, has led to estimation of the income of the assessee. It was the submission that the order of the Assessing Officer as well as ld CIT(A) is liable to be confirmed. 6. I have considered the rival submissions. A perusal of the facts of the present case clearly show that the books of account as produced by the assessee before the Assessing Officer has been rejected and the income of the assessee estimated. The reasons given for rejection of the books of account are on four counts: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the income. The assessee has in its books disclosed its income of Rs.3,48,63,743/-. Just because the net total income is Nil will not be a ground for non-granting of the benefit of TDS or rejection of books of account. iv) The compliance dated 4.1.2014 does not support any material evidence or any accounts to justify the transfer of any refund in favour of M/s. PKM/CRS(UV) to Shri C.R.Swain. Here, it is mentioned that the TDS has been done by South Eastern Railway, Kolkata at 2% of the contract amount. Thus, the TDS is Rs.7,90,014/-. The assessee, who is a JV has transferred the entire work to Sri Chita Ranjan Swian and has deducted TDS at 1% being to an extent of Rs.3,95,007/-. The Assessing Officer has taken the view that the diff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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