2022 (3) TMI 726

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....ns of law are framed for consideration. (i) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that separate addition on account introduction of un-explained partner's opening capital in the assessee's books of accounts can be made once the net profit rate is applied on contract receipts of the appellant for estimating its income from contract work when the provisions of section 68 is directly hit in the instant case?   (ii) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not giving any direction to the Income Tax Department to adjust the TDS or refund back the same even though the s....

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....f the Punjab & Haryana High Court in Commissioner of Income Tax v. Aggarwal Engg. Co. (2008) 302 ITR 246 (P & H). 6. The impugned order of the ITAT discusses the findings of the CIT(A) regarding estimation of the net profit at 8%. The ITAT has, in fact, upheld the order of the CIT(A). If that is indeed the position, the question of adding the further sum as unexplained credit was not sustainable particularly in view of the decision of the Punjab & Haryana High Court in Commissioner of Income Tax v. Aggarwal Engg. Co. (supra). A perusal of the said decision reveals that the Punjab & Haryana High Court decided to follow the decision of the Allahabad High Court in CIT v. Banwari Lal Banshidhar (1998) 229 ITR 229 where it was held as unde....