2017 (4) TMI 1572

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.... ORDER PER K. NARSIMHA CHARRY, J.M. This is an appeal challenging the order dated 15.10.2014 in appeal no. 289/2012-13/GZB passed by the Commissioner of Income Tax (Appeals)-Ghaziabad. 2. Briefly stated the facts are that the assessee is an individual deriving his income as contractor and engaged in the business under the name and style of M/s Alok Builders and doing contract work mainly....

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....03-04, 2006-07, 2007-08 and 2009-10 assessment was completed u/s 143(3) of the Act accepting the profit ratio at 3.31, 1.60, 2.63, 2.39, 2.30 and 2.46 respectively, as such it is not open for the Revenue now to straightaway estimate the profit ratio at 8%. He prayed that it would be in the order of things if profit ratio is estimated at 2.46 which was accepted in the immediately preceding AY 2009-....

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....epartment consistently accepted the profit ratio in the business of the assessee is between 1.60 and 3.31 and at no point of time any objection is taken by the AO on the ground that in the kind of business of the assessee average rate of profit would be anything around 8%. In the circumstances, we do not find any rational in the AO estimating the profit at 8% and the consistency of the net profit ....