TaxTMI 
TaxTMI 
2022 (9) TMI 1092
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.....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 estimating net profit by adopting profit rate of 8% on ....
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....g 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, and had only relied on examples of assessees engaged in ....
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....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 (2009-10 to 2011-12) were found to be less than 5%. But this claim i....
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....timate 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 similar line of business and submitted that the net profit in such line of ....