2014 (8) TMI 491

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.... For the Respondent : Shubham Agrawal ORDER (Per Hon'ble Dr. Satish Chandra, J) The present appeal is filed by the department under Section 260-A of the Income Tax Act, 1961 against the judgement and order dated 26.08.2009 passed by the Income Tax Appellate Tribunal, Agra in I.T.A.T. No. 188/Agr/2008 for the assessment year 2003-04. The brief facts of the case are that the assessee....

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.... appears that in the previous assessment years, the assessee has shown the net profit rate as under :- Assessment Turnover Net Profit Rate Accepted 1994-95 1.73 Crores 2.7% u/s 143(3) 1995-96 3.50 Croes 2.2% -"- 1996-97 4.89 Crores 1.64% u/s 143(1) 1997-98 8.18 Crores 2.42% -"- 1998-99 8.86 Crores 2.64% 2.69% u/s 143(3) 199....

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....previous and subsequent assessment years, the lower net profit rate was accepted by the department. Further, during the assessment under consideration, the assessee has suffered a loss in respect of Sada-Gwalior Project and Bareilly-Badaun Project. In the above mentioned circumstances, the net profit rate shown by the assessee, which is higher in comparison to the earlier and subsequent assessm....