2015 (10) TMI 1391

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....ORDER S. V. Mehrotra (Accountant Member).- This appeal filed by the assessee is directed against order dated November 9, 2012 of the learned Commissioner of Income-tax (Appeals), Berhampur, Camp: Sambalpur for the assessment year 2008-09. 2. Brief facts of the case are that the assessee-firm, in the relevant assessment year, derived income from transportation work. It filed return of inco....

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....sundry creditors is concerned, the learned Commissioner of Income-tax (Appeals) confirmed the addition, inter alia, observing that in case of Sai Construction v. ITO [2010] 127 TTJ (Cuttack) 15; ITO v. Nityananda Swain (I. T. A. No. 491/ Ctk/2011/C.O.No. 35/CTK/2011) and Nityananda Swain v. ITO (I. T. A. No. 529/CTK/2011) dated March 22, 2012, it has been held that notwithstanding the estimation o....

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....turnover of Rs. 1,87,25,469 as against 6 per cent. determined by the Commissioner of Income-tax (Appeals). We order accordingly. This ground is partly allowed. 5. As far as ground No. 2 is concerned, the learned Departmental representative relied on the decision of the hon'ble Supreme Court in the case of CIT v. Devi Prasad Vishwanath Prasad [1969] 72 ITR 194 (SC), wherein, it has been held....

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....ter alia, observed that whether in a given case the Income-tax Officer may tax the cash credit entered in the books of account of the business, and at the same time estimate the profit must, however, depend upon the facts of each case. Therefore, the facts have to be examined before arriving at any conclusion. The gross receipts of the assessee were at Rs. 1,87,25,469, 5 per cent. of which will co....