TMI Blog2023 (7) TMI 737X X X X Extracts X X X X X X X X Extracts X X X X ..... here itself. Considering the history of the assessee, we are left with no choice but to accept the gross receipts shown in Form No. 26AS as true and correct as on such receipts, payers have deducted tax at source and the assessee has claimed the same as prepaid taxes. Applying the profit rate of 8%, profit to be calculated. AO is directed to frame assessment at these incomes and allow the claim of deduction under Chapter VIA, details of which shall be provided by the assessee. AO is also directed to give credit of TDS as per Form 26AS. - ITA No. 7041 to 7044/DEL/2018 - - - Dated:- 7-7-2023 - Shri N.K. Billaiya, Accountant Member, And Ms. Astha Chandra, Judicial Member For the Assessee : Shri Madan Mohan Tiwari [Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to maintenance of books of account and record. 5. With this background, we will now address to each appeal. ITA No. 7041 7042/DEL/2018 [A.Ys 2009-10 and 2010-11] 6. First challenge is in respect of reopening of assessment. 7. The assessee strongly contended that the Assessing Officer had no reason to issue notice u/s 148 of the Act. It is the say of the assessee that the Assessing Officer has erroneously taken the entire contract receipts as undisclosed income of the assessee and, therefore, reopening of the assessee is bad in law. 8. We have carefully considered the submissions made by the assessee. The reason for reopening assessment is that on going through the AST System, the Assessing Officer found that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Form No. 26AS as true and correct as on such receipts, payers have deducted tax at source and the assessee has claimed the same as prepaid taxes. As mentioned hereinabove, gross turnover in A.Ys 2009-10 is Rs. 40 lakhs and in A.Y 2010-11 Rs. 70,73,100/-. 15. Applying the profit rate of 8%, profit comes to Rs. 3,20,000/- in A.Y 2009-10 and Rs. 5,65,848/- in A.Y 2010-11 respectively. 16. The Assessing Officer is directed to frame assessment at these incomes and allow the claim of deduction under Chapter VIA, details of which shall be provided by the assessee. The Assessing Officer is also directed to give credit of TDS as per Form 26AS. ITA No. 7043/DEL/2018 [ A.Y 2011-12] 17. First challenge is regarding reopening of assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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