2022 (9) TMI 1092

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.... Revenue by: Shri B.D. Gupta, Sr. D.R. ORDER PER BENCH:- This is an appeal filed by the assessee against the order of National Faceless Appeal Centre (NFAC), Delhi dated 28-10-2021, in proceedings under section 144 of the Income Tax Act, 1961; in short "the Act". 2. The assessee has taken the following grounds of appeal:- "1. Ld. CIT(A) erred in law as well as in fact in est....

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....essee. The assessee also filed comparable cases relating to other contractors and submitted that the comparative profit rate of the contractors in the similar line of business is lower than 5% (ranging between 1.3 to 5% of gross receipts). The Ld. CIT(Appeals), in light of the fact that the assessee did not file any evidence in support of the expenses incurred for carrying out the contract work, a....

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....mate. There is plethora of case laws wherein it has been held that the whole trading receipt cannot be assessed as income. The appellant had pointed to some decisions of even Hon'ble Jurisdictional Gujarat High Court in this regard. 3.3.1. In the written submission, assessee gave examples of three assessee's claimed to be in same lime of business whose net profit, for three years ....

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....estricted to Rs.9,03,370/-. This, in my considered view is a reasonable estimate than that of assessing the whole contract receipt as income." 5. Before us, counsel for the assessee reiterated the submissions made before Ld. CIT(Appeals) and submitted that even 8% of gross receipts is excessive in the assessee's line of business. He submitted several instances in case of contractors engaged in ....