TaxTMI 
TaxTMI 
2017 (3) TMI 1235
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....sment order. 3. Since the books of account like ledger a/c, purchase & sale registers, with supporting vouchers were maintained in regular course of business and were duly audited as reflected in audit report u/s.44AB of I.T.Act, 1961, there was no scope for estimation of income from works contract @ 8% in absence of any discrepancy in the accounts. 4. That the addition of Rs. 5,91,800/- being the investment in purchase of Boloro vehicle as unexplained investment u/s.69 of I.T.Act being contrary to the facts & accounts is liable to be deleted. 5. That the claim of depreciation of Rs. 9,94,050/- in P&L account on account of Loader used for hiring on rent has not been considered and allowed while computing the total income without as....
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.... 3. The brief facts of the case are that the assessee did not produce before the Assessing Officer bills, vouchers, ledger account, cash book and evidences on sundry creditors, etc. inspite of number of opportunities allowed to him by the Assessing Officer. Therefore, the Assessing Officer rejected the book results of the assessee and made assessment under section 144 of the Act on 30.11.2012 by determining the income by applying rate of 8% to the gross bills received during the year at Rs. 42,40,815/- and determined the profit at Rs. 3,39,265/-. Thereafter, the Assessing Officer also added rental income FROM loader of Rs. 4,18,711/-, unexplained investment u/s.69 of Rs. 5,91,800/- and bank interest of Rs. 765/- and determined the total i....
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....ent from loader at Rs. 4,18,711/- in the profit and loss account and the Assessing Officer after estimating the income from gross bills has added the same to the income of the assessee. The assessee has filed copy of audit report placed at paper book at pages 15 to 23 and has also filed depreciation chart at page 7 of the paper book. From the depreciation chart, it is seen that the assessee has claimed depreciation on loader at Rs. 9,94,050/-. In my considered opinion under the Income tax Act, income of the assessee is chargeable to tax and not the gross receipts. The gross receipts from loader during the year was Rs. 4,18,711/- as evidenced by the copy of Profit and Loss account filed before me. Hence, I am of the considered opinion that t....