TaxTMI 
TaxTMI 
TaxTMI 
2014 (4) TMI 1281
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....ecisions cited the ld. CIT(A) grossly erred in sustaining an addition of Rs. 44,89,631/- in the income declared from contract business. 2. That on the facts and in the circumstances of the case, the ld. CIT(A) has grossly erred in holding the income from interest amounting to Rs. 12,84,137/- liable to be assessed separately even after holding the same as income from business which is not a separate source of income liable to be taxed separately and is to be considered as part of income from contract business. 3. That the petitioner may kindly be permitted to raise any additional or alternative ground at or before the time of hearing." 3. We have heard the rival submissions and have carefully perused the entire material on record. 4. F....
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....r under consideration, that is, 2010-11, the assessee has disclosed gross profit rate of 5.35% and net profit rate of 1.85% as the receipts had declined but in the immediately preceding year, the gross profit rate of 2.88% and net profit rate of 0.06% were disclosed. Therefore, according to him, when the results declared in this year are better than the past year, there is no occasion to make any addition in the trading results as has been done by the authorities below. 5. Per contra, the ld. D.R. has supported the orders of the authorities below and more specifically the order of the ld. CIT(A) and has prayed that no further relief can be granted because the ld. CIT(A) has relied on the results of certain comparable cases in this line. 6....
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....red to past year, then there is no need for making any further trading addition. In view of the above dictum of Hon'ble Jurisdictional High Court which has binding effect, we have to hold that no further addition can be made in the declared results. The ld. CIT(A) has placed reliance on certain cases belong to contractors but as we have already stated, the factual matrix of comparable cases, definitely differ and have little nuance regarding the nature of business, that is , if they are obtaining contract from government/semi government departments or from private parties and respective turnover disclosed by them. But the contract work done also depends on the place(s) where the parties are executing their contract work. In case t....