2019 (2) TMI 1689

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....s appeal by the assessee is directed against the order dated 10th May, 2016 of the CIT(A)-Ghaziabad, relating to assessment year 2012-13. 2. Determination of profit at 8% of the contract receipt thereby confirming the addition of Rs. 32,32,491/- by the CIT(A) is the only issue raised by the assessee in the grounds of appeal.   3. This appeal was earlier dismissed for non-appearance. Subsequ....

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....rnal, stock register, valuation of work-in-progress and the detailed bifurcation of material consumed along with original purchase invoices. Similarly, the assessee also did not produce muster roll, labour registers maintained at work sites, mode of payments etc. The Assessing Officer, therefore, rejected the books results and estimated the profit @ 8% of the contract receipt at Rs. 13,91,87,130/-....

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....d the following comparative chart of gross profit and net profit for the assessment years between 2010-11 to 2015-16:- S.No. Assessment Year Gross Receipt Gross Profit Gross Profit (%) Net Profit Net Profit (%) 1 2010-11 139303440 12489547 8.97% 7965874 5.72% 2. 2011-12 204183952 17708698 8.67% 10847865 5.31% 3. 2012-13 139187130 13196194 9.48% 8053740 5.79% 4. 2013-1....

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....it rate of 8% under the facts and circumstances of the case is justified. 10. We have heard the rival submissions and perused the orders of the authorities below. It is an admitted fact that the assessee is engaged in the business of civil construction and despite opportunities granted by the Assessing Officer during the course of assessment proceedings, the assessee did not produce the requisite....