2012 (6) TMI 828

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....m ORDER Per D.Karunakara Rao, Accountant Member: This appeal by the assessee is directed against the order of the Commissioner of Income-tax(Appeals) VIi, Hyderabad dated 25.8.2011, for the assessment year 2008-09. 2. Effective grounds of the assessee in this appeal read as follows- "1. The order of the learned Commissioner of Incometax( Appeals) is erroneous both on facts and in la....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r rejecting the books of account of the assessee, estimated the income of the assessee at 5% of the total turnover of Rs. 6,54,15,734/- clear of all the expenditure, and accordingly determined the income of the assessee at Rs. 32,70,790. On appeal, the CIT(A) upheld the assessment thus made by the assessing officer. In the proceedings before us, the assessee without questioning the rejection of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....applying rate of 3%, deduction towards interest and remuneration to partners in terms of S.40(b) of the Act may be allowed. We are supported in this behalf by the decision of the coordinate Bench of this Tribunal in ITA No.668/Hyd/2009 and thee others in the case of M/s. C.Eswara Reddy & Co., Hyderabad, relied upon by the learned counsel for the assessee, wherein the Tribunal, vide para 14 of its ....