2012 (8) TMI 1060

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....e order dated 21-09-2011 of the ld. CIT(A)-II, Jaipur for the assessment year 2008-09. 2.1 The only ground raised by the Department in this appeal is as under:- ''On the facts and in the circumstances of the ld. CIT(A) and in law the ld. CIT(A) has erred in:- (1) allowing depreciation and interest of ₹ 25,98,064/- from 8% net profit rate applied by the AO without appreciating that where n....

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....nd closing stock inventory and the details in respect of labour charges amounting to ₹ 2,12,56,420/- and hardly maintained any vouchers, bills and evidences in respect of material expenses claimed at ₹ 4,08,15,573/-. According to the AO, the labour charges and material expenses constituted around 83.53% of the total expenses claimed by the assessee against contract work, he had carried....

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....t receipts by following the decision of ITAT Jaipur Bench in ITA No.849/JP/2009 dated 30-09-2011 for the assessment year 2007-08 in assessee's own case. 2.4 Now the Department is in appeal. 2.5 The ld. DR supported the order of the AO. 2.6 In his rival submissions, the ld. Counsel for the assessee strongly supported the impugned order passed by the ld. CIT(A) and stated that this issue is s....