2014 (6) TMI 1031

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....i Department by: Shri N.A. Joshi, DR ORDER Hari Om Maratha, This appeal by the revenue and cross objection [CO] by the assessee are directed against the order of the CIT(A)-III, Jaipur, Rajasthan dated 0.11.2013 pertaining to A.Y 2009-10. 2. The revenue has raised the following grounds in its appeal: "1. On the facts and in the circumstances of the case, the ld. CIT(A) has ....

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....anted by quashing the rejection of books and deleting the trading addition of Rs. 7,11,310/-." 4. First ground of revenue's appeal and sole ground of assessee's CO are related to estimated trading addition made in the case of this assessee who is carrying on the business of a civil contractor. On gross contract receipts, the assessee firm has disclosed net profit of Rs. 16,73,373/- after claimi....

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....te of 6%. In the immediately past A.Y. 2008-09, the assessee showed net profit rate of 5.85% and in A.Y. 2006-07 as stated above, net profit rate of 6% was adopted. As per the settled position, which we are consistently taking that even after rejection of books of account, the net profit rate or gross profit rate adopted in the immediately preceding year being the past history of the assessee has ....

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.... treating the interest from FDRs as income from other sources. 7. Briefly stated, the facts of the case are that by the assessee the FDRs were raised on the compulsion of taking contract from Government department on which interest accrued to the assessee. This is also a settled position of law that in such civil contract cases, when necessarily the FDRs have to be purchased and have to be kept....