2025 (9) TMI 290

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....ices u/s 143(2) and 142(1) were issued and served on the assessee. During assessment proceedings, AO observed that assessee is a Civil Contractor working as Proprietor of Ajay Construction. He observed that assessee has declared net profit of 3.07% of the gross receipts and the gross receipt of Rs. 3,15,19,362/- was received from Hindustan Construction Company Ltd. (HCCL, in short). He observed that in the data available in 26AS portal, the HCCL has declared gross receipt of Rs. 4,45,30,519/- and deducted TDS of Rs. 4,48,064/- and M/s. Deep & Veer Construction gross receipt of Rs. 4,04,040/- and deducted TDS of Rs. 4,040/-. Since the assessee has declared gross receipts of Rs. 3,49,31,066/- which included labour and wages payment of Rs. 38,....

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.... 8% as per original assessment order. 4. Aggrieved with the above order, assessee is in appeal before us raising following grounds of appeal :- "1. BECAUSE, the Ld. CIT(A) erred in law and on facts in upholding the rejection of the appellant's books of accounts under section 145(3) of the come Tax Act, 1961, despite the same having been duly produced during the assessment proceedings. 2. BECAUSE, the Ld. CIT(A) grossly erred in upholding the AO's action in estimating the net profit @ 8% of gross turnover, which is excessive, arbitrary, and without basis, ignoring the appellant's declared net profit rate of 3.07%. 3. BECAUSE, the Ld. CIT(A) failed to consider or apply the settled judicial principle t....

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....order. He submitted that ld. CIT (A) has grossly rejected the submissions of the assessee and overlooked the directions of the ITAT to consider the facts on record available and decide the issue as per law. 6. On the other hand, ld. DR of the Revenue relied on the findings of the lower authorities. 7. Considered the rival submissions and material placed on record. I observe that coordinate Bench has remitted the issue back to the file of ld. CIT (A) to consider the issue under consideration afresh. However, I observe that ld. CIT (A) has asked the assessee to submit the assessment order for AYs 2009-10, 2010-11 and 2012-13 and ld. CIT (A) has rejected the plea of the assessee on the basis that there is no trace of the verification of ....