2023 (7) TMI 932

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....y Kumar Kesari ORDER PER R.S. SYAL, VP : This appeal by the Revenue is directed against the order dt. 31-03-2022 passed by the CIT(A)-12, Pune in relation to the assessment year 2012-13. 2. Briefly stated, the facts of the case are that the assessee is engaged in the business of Construction and Maintenance of Dams and Power projects. The return was filed declaring total income at Rs. ....

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....contracts was done to these three parties. This is how, he estimated profit at 12% and sustained addition to the extent of Rs. 7,59,66,565/-, thereby allowing relief of Rs. 55,70,88,143/-. Aggrieved thereby, the Revenue has come up in appeal before the Tribunal. 3. We have heard both the sides and gone through the relevant material on record. The ld. CIT(A) has affirmed the findings of the AO a....

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....because of bogus contract bills, the ld. CIT(A) estimated the profit at 12%. It goes without saying that income-tax is charged on income component in the revenue receipts and not the revenue itself. The contract receipts, corresponding to bogus sub-contract expenses, stand at Rs. 64.49 crore. The AO has not disputed the genuineness of the contract receipts to this extent. This shows that the asses....