TaxTMI 
TaxTMI 
2009 (1) TMI 97
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....ome Tax Appellate Tribunal is right in coming to the conclusion that the Assessing Officer has committed a mistake in rejecting the books of account and estimating the net profit @ 8% as per the provisions of Section 44AD of the Income Tax Act? [ii] Whether, on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is justified in confirming the order of the Appellate Commissioner though the assessee has failed to discharge the onus of burden of proof by proving various claims made by the assessee in his return of income as well as books of account?" 2. The assessee is engaged in the business of Mechanical and Labour Supply Contract Work. The assessee filed his return of income on 31.10.2000 for Asses....
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....the assessee and ITA No. 2796/Ahd/2003 by the revenue, which have been dismissed by common order dated 14.08.2007, impugned herein. 5. Heard Mr. B.B.Naik, learned Counsel for the Appellant. It is submitted that the Tribunal is in error in coming to the conclusion that the Assessing Officer has wrongly rejected the Books of Account, especially as the Auditor has made a remark in his audit report that sundry debtors, creditors and depositors are subject to confirmation meaning thereby the assessee has not produced any material to substantiate the same. It is emphasized that certain bills and vouchers were not available with the assessee, and if the Books of Account are not found to be reliable and had been rejected by the Assessing Officer, ....
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....hat the order of Commissioner (Appeals) is a detailed and elaborate one. In other words, the Tribunal is convinced that the Commissioner (Appeals) has applied his mind to the evidence on record and has arrived at his findings on the basis of the same. 7. Insofar as the second question proposed is concerned, it has been categorically stated in the order of the Tribunal that neither the assessee, nor the revenue, were able to place any material on record, to show any infirmity in the order of Commissioner (Appeals). In the facts of the case and based upon evidence on record, the Tribunal has found it fit not to interfere with the order of the Commissioner (Appeals) and has dismissed the Appeals. What should be the rate of net profit in a giv....