2009 (1) TMI 840

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.... short "the Act of 1961" hereinafter) is directed against order dt. 30th July, 2008 passed by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur (in short "Tribunal" hereinafter) in ITA No. 906/Jd/2007 in respect of the asst. yr. 2004-05, whereby the appeal preferred by the Revenue against the order dt. 23rd Oct., 2007 passed by the Commissioner of Income-tax (Appeals), Bikaner [in short "C....

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....f unexplained cash credit. 3. Aggrieved by the assessment order dt. 30th Nov., 2006, the assessee preferred an appeal before the CIT(A). After due consideration of the material on record, CIT(A) directed the AO to apply net profit rate of 9 per cent of gross contract receipts subject to allowance of bank interest, depreciation, interest and remuneration to the partners. The CIT(A) arrived at th....

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....n confirmed by the Tribunal on both the counts. 5. It is contended by the learned counsel for the appellant that the Tribunal has seriously erred in holding that when the books of account are rejected and profit is estimated, no additions on account of unexplained cash credits can be made under s. 68 of the Act of 1961. The learned counsel submitted that the provisions of s. 145 and s. 68 are m....