2016 (5) TMI 1408

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....e against common order dated 30.11.2012, passed by CIT(A) -38, Mumbai for the quantum of assessment passed under section 153 r.w.s. 143(3) for the assessment years 2004-05; 2005-06; 2006-07; 2007-08; 2008-09; 2009-10; and 2010-11. The sole issue argued before us, is estimation of net profit rate of 2%, made by the AO as against 0.15% offered by the assessee on the 'gross receipts'. 2. At the outs....

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....essee, Shri Mukesh Choksi on 25.11.2009. The assessee was also covered under the same search and consequently assessments under section 153A r.w.s. 143(3) were completed. The AO in the assessment order has noted that, during the course of the search and seizure action, it was found that the assessee and the Group companies of the assessee were engaged in the business of accommodation entries and l....

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....rate has been accepted. However, the Ld. CIT(A) did not accept the assessee's contention and confirmed the estimate made by the AO. 5. On the perusal of the impugned orders and the finding of the Tribunal in the case of M/s Mihir Agencies Pvt Ltd (supra) and on similar other decisions as relied before us, we find that the Tribunal has upheld the net profit rate of 0.15%. The relevant observation ....