2018 (4) TMI 1632

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....n facts in upholding the assessment order U/s 143(3) assessing the income at Rs. 1,94,61,605/- against the return income of Rs. 1,35,55,880/-. The disallowances / additions made by the Assessing officer and upheld by the CIT(A) are illegal, bad in law and without jurisdiction. 2. That in the view of facts and circumstances of the case the Assessing officer has erred on facts and in law in rejecting the books of account of the Appellant u/s 145(3) without any reasonable and logical basis. The rejection of books of account is illegal, bad in Jaw and without any judicious application of mind. 3. That in the view of facts and circumstances of the case, the CIT(A) has erred in upholding the application of net profit rate of 8% ....

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....ad construction project work at various sites. That owing to the nature of the business of the assessee, it was very difficult to maintain day to day stock register. The Ld. Counsel has invited our attention to the impugned order of the Assessing officer and has submitted that the main objection for which the books of account have been rejected by the Assessing officer is for non maintenance of the stock register. 4. We have gone through the order of the Assessing officer and have found that the Assessing officer while rejecting the books of account has observed that the assessee is not maintaining day to day stock register, and has failed to furnish the measurement sheets and even also failed to file details of the work in progress. ....

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.... however, till date nothing wrong has been found and no reopening of assessment has been done. The Ld. Counsel has also relied upon the decision of the Hon'ble Delhi High Court in the case of 'CIT Vs. Jas Jack Elegance Exports" [2010] 324 ITR 95 (Delhi) and also of the Jurisdictional High Court Hon'ble Punjab & Haryana High Court in the 'Pandit Bros. Vs. CIT' [1954] 26 ITR 159 (Pun) and further on the decision of the 'CIT Vs. Bindal Apparels' [2011] 322 ITR 410 (Del). 4. The Ld. DR on the other hand has relied on the findings of the lower authorities and has also invited our attention to the impugned order of CIT(A) wherein the Ld. CIT(A) has observed that even during the assessment year 2005-06, the books of account of the asses....

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....e had failed to segregate the expenses of the contract business from other nine trucks operated by the assessee. We find force in the contention of the assessee that the rejection of books of account for assessment year 2005-06 was not on identical grounds but because of certain discrepancies relating to truck hire contract business of the assessee. So far as the assessment year under consideration is concerned, the issue is relating to non-maintenance of day to day stock register is covered by the various decision of the Hon'ble High Courts including that of Delhi High Court in the case of 'CIT Vs. Bindal Apparels' (supra) and 'CIT Vs. Jas Jack Elegance Exports' (supra) and of the Hon'ble e Punjab & Haryana High Court in the case o....