2014 (1) TMI 854

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....peal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals), Ghaziabad dated 30.4.2012 pertaining to assessment year 2007-08. 2. The grounds raised read as under:- "1. That the Ld. Commissioner of Income Tax (A) has erred in law and on facts in partly allowing the appeal by directing the Assessing Officer to assess the income of the assessee using 8% NP ....

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....restored. 3. In this case the assessee is a contractor engaged in the business of digging of drains and putting/ installing tested wires/ other items at different sites mainly for companies of Reliance Group. In the earlier years assessee was filing the return u/s. 44AD and current year is first year when receipts exceeded Rs. 40 lacs i.e. 49,05,292/- and accounts were audited. 3.1 During th....

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....he final conclusion made. Ld. Commissioner of Income Tax (A) opined that Assessing Officer has given the instances so as to portray a picture that assessee might have juggled with the figures in the balance sheet, but this aspect has not been proved to the hilt as is required on the part of the Assessing Officer; that the Assessing Officer is not supposed to make wild conjectures. 4.1 However, ....

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....nt year, income was declared at 8% NP. In view of these discussions, Ld. Commissioner of Income Tax (A) directed the Assessing Officer to assess the income of the assessee using 8% NP, which would substitute all the additions made by the Assessing Officer. 5. Against the above order the Revenue is in appeal before us. 6. We have heard the rival contentions and perused the records. We find th....