2013 (9) TMI 898

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.... S. K. Garg ORDER 1. We have heard Shri Dhananjai Awasthi, learned counsel appearing for the department. Shri Ashish Bansal appears for the respondent-assessee. 2. This Income Tax Appeal filed under Section 260-A of the Income Tax Act arises from an order of Income Tax Appellate Tribunal, Allahabad Bench, Allahabad dated 01.5.2013 in respect of assessment year 2009-10. 3. The appeal ha....

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....apply." 4. The Assessing Officer rejected the books of account on two grounds, namely that all expenses are not vouched and in such a situation the profit declared is not prone to verification and not realistic. The second ground for rejection of accounts book was that N.P./turn over is 0.74%. If the N.P. from civil contract business is analysed, it would work out only 0.19% and hence the books....

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....ng upon the method of accounting employed. It is not the legal position that on identical facts, the same amount of income should be assessable in the cases of all the assessees. The Tribunal found that for last seven years the accounts were accepted by the department. There was no error in the system of account adopted by the assessee. 6. A net profit may vary from year to year. The adoption o....