2014 (1) TMI 753

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....the transport contract receipts has been estimated at 12% which the assessee agitates as excessive, arbitrary and uncalled for insofar as on the basis of facts and circumstances as noted by the Assessing Officer, the shortage with respect to the transportation of coal was not when the assessee trades in coal on his own account which income has been separately indicated cannot be estimated as per the finding of the Assessing Officer. The ground regarding the claim of depreciation on two trucks obtained after 30th September having been claimed for the half year was disallowed by the Assessing Officer on the facts and circumstances has not been pressed by the learned Counsel of the assessee and is dismissed as not pressed. The remaining ground....

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....tractees was not in accordance with the earlier assessments of the assessee. Therefore, he estimated 12% of the gross contract receipts without considering the deduction by the contractees on account of shortage of goods ferried which was appealed against before the first appellate authority. The first appellate authority considered the fact that the assessee has been able to render more income from the contract of transportation business when the claim of shortages reduced by the contractees would lead to finding which was not explained by the assessee as also was argued by the learned DR before us. Therefore, he confirmed the taxation of 12% of the gross receipts against which the learned Counsel of the assessee has submitted that by no s....