TaxTMI 
TaxTMI 
2022 (12) TMI 212
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.... ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the Revenue is directed against the order of the ld. Commissioner of Income Tax (Appeals) 1, Trichy, dated 08.07.2019 relevant to the assessment year 2016-17. 2. The appeal filed by the Revenue is delayed by three days in filing the appeal before the Tribunal, for which, the DCIT Circle 3(1), Trichy has filed a petition for condona....
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....er], based on estimates as per practice followed since last many years. However, as the assessee did not maintain accounts and income has been determined only on estimate basis, as has been done in the last few years, and that the assessee should have made and kept accounting records, as required, the Assessing Officer determined income on an estimate at 8% under section 44AD of the Act. As a resu....
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.... income from civil contract business. 6. On the other hand, the ld. Counsel for the assessee has strongly supported the order passed by the ld. CIT(A). 7. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the course of assessment proceedings, the assessee has justified for adopting 3% of receipts from civil contract a....
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....s accepted by the Assessing Officer under section 143(3) of the Act. In the assessment year 2014-15, the assessee has estimated the net profit at 3% and the Assessing Officer determined the net profit at 3.50% under section 143(3) of the Act. In the assessment year under consideration, the assessee has declared the net profit at 3% and the Assessing Officer has estimated the net profit at 8%. On a....