2017 (1) TMI 1610

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....er of CIT(A)-2, Bhubaneswar, dated 1.9.2016 for the assessment year 2010-11. 2. The sole issue involved in this appeal is that the CIT(A) erred in confirming the order of the Assessing Officer estimating net profit @ 5% of the turnover after rejecting book results of the assessee thereby making addition of Rs. 2,42,193/- to the income of the assessee. 3. I have heard the rival submissions an....

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....t profit shown and accepted by the department was in A.Y. 2007-08, A.Y. 2008-09 and A.Y. 2009-10 @ 3.04%, 2.77% and 2.64% respectively. The details are as below: SI.No. Asst. Year  Turnover Net Profit Result 1 2010-11 Rs.1,17,23,955/-  Rs.3,52,083-(3.0%) Assessed u/s.143(3) 2. 2009-10  Rs.1,64,58,110/- Rs.4,35,696/-(2.64%) Accepted u/s.14....

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....e only submission of the ld A.R. of the assessee is that the net profit rate applied to estimate the income is excessive. It is not in dispute that the net profit rate declared and accepted by the department in the immediately preceding assessment year's is in A.Y. 2007-08 @ 3.04%, in A.Y. 2008-09 @ 2.77% and in A.Y. 2009-10 @ 2.64%. In my considered view, after rejecting of book results of the as....