2013 (8) TMI 290

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....tment U/s 260A of the Income Tax Act, 1961 ("the Act") assailing order of Income Tax Appellate Tribunal ("Tribunal") dt.24.03.2006 as regards assessment years-1997-98. The respondent assessee as alleged in the appeal is a civil contractor and declared gross profit of Rs.16,51,035/- and net profit of Rs.2,45,047/- against contract receipts for the assessment year 1997-98. The assessing officer r....

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.... at 8% instead of 10% and assigned cogent reasons. Against the order of the Tribunal, the department has preferred instant appeal before this Court after a delay of 79 days and the ground appears to be that the cogent reason has not been assigned by the learned Tribunal while passing order impugned. As is revealed from the record that against the order of Tribunal dt. 24.03.2006 the appeal was ....

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....ed dt.24.03.2006 but without going into merits of the matter any further, we condoned the delay and heard the matter on merits. Counsel for appellant submits that no cogent reasons were assigned by the learned Tribunal while dismissing the appeal under order impugned and there was no reason assigned while affirming rate of profit at 8% instead of 10% as recorded by the Assessing Officer regardi....