2014 (4) TMI 385

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....er S. V. Mehrotra, A. M. This appeal filed by the assessee is directed against the order of ld. CIT(A)'s dated 18/01/2013 for A.Y. 2008-09. 2. Brief facts of the case are that assessee, a civil contractor, filed its return of income on 04/03/2009 declaring gross receipt of Rs. 65,85,531/- and net profit of Rs. 3,29,876/- being 5% of the gross receipt. 3. The AO noticed that in A.Y. 2006-0....

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....s 68. He also made an addition of Rs. 2,50,000/- since the payment to Avas & Vikas Parishad was not shown in the balance sheet and no drawing was shown from the capital account. Thus, he completed the assessment at Rs. 10,05,690/-. 4. Ld. CIT(A) dismissed the assessee's appeal. 5. Ld. Counsel for the assessee submitted that assessee is a small civil contractor belonging to rural area and, th....

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..../2014 seeking permission to file affidavit to bring on record the correct facts and also an application under Rule 29 seeking permission to file additional evidence which are primarily revenue records and copy of sale deed. 5.2 Ld. Counsel submitted that the plot had been purchased by the assessee's wife Smt. Nimisha and a sale deed was executed in her name on 30/12/2008 but the payments were r....

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....refore, there was no reason for assessee to withhold the production of books of account. In A.Y. 2006-07, the assessee's receipts were only Rs. 15,50,381/- which increased to 58,88,389/- in A.Y. 2007-08 and Rs. 65,85,531/- in A.Y. 2008-09. Therefore, assessee was required to get its account audited from A.Y. 2007-08 onwards and hence must have maintained books of account. As regards addition of Rs....