2022 (7) TMI 330

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....al for the assessment year 2012-13 is concerned, the assessee agitates against the action of the Ld. CIT(A) in not deleting in toto the addition of Rs. 17,66,735/- made on estimate of profit on gross receipts and also Rs. 7,37,935/- towards other income shown in the P&L Account of the assessee. In respect of the addition of Rs. 17,66,735/- the brief facts are that as per form 26AS, the gross contract receipts of the assessee were Rs. 14,04,98,322/-, which was revised subsequently Rs. 2,20,84,190/-. The assessee, however, offered only a sum of Rs. 1,42,79,014/- in the return. According to the learned Assessing Officer the assessee failed to explain the discrepancy in the gross receipts between the form 26AS and the amount shown in the books ....

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....rity after the search, Ld. CIT(A), for the assessment year 2008-09 confirmed the estimation at 8% of the turnover. 5. For the assessment year 2012-13, the Ld. CIT(A) followed his predecessors order for the assessment year 2008-09 and upheld the estimate at 8% and that is the reason why the assessee is before us in this appeal. Ld. AR submitted that for the assessment year 2007-08 the Tribunal estimated the income of the assessee at 5% of the gross receipts and there is no view to the contrary taken by the Tribunal and therefore the same may be followed for this year also. 6. We have gone through the record in the light of the submissions made on either side. After considering the nature of business of the assessee and in the light of ....

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....rfere with this observation of the Ld. CIT(A) hence the grounds relating to this issue are dismissed. A.Y. 2017-18: 9. For this assessment year only issue involved is in respect of the estimate of business income. Learned Assessing Officer made an addition of Rs. 28,52,083/- on the ground that the assessee declared Rs. 2,85,20,832/- as 'other operating income 'in the P&L Account and arrived at a net profit of Rs. 17,11,250/-, but the assessee did not furnish any books of accounts with supporting vouchers and, therefore, the income was estimated at 10% of the receipts to quantify the addition at Rs. 28,52,083/-. 10. Before the Ld. CIT(A) assessee pleaded that estimation of business income at 10% of total Revenue is very harsh and th....